May 28, 2020 |
Brazilian food processing company Marfrig could earn BRL609 million ($115 million) in revenues in the next two years from a new joint venture with Archer Daniels Midland (ADM), according to analysts.
Marfrig and ADM have agreed to form a company called PlantPlus Foods to make and market plant-based meat substitutes in the Americas, including hamburgers, nuggets, cold meats and sausages, according to a securities filing from Tuesday.
Marfrig will own 70% of PlantPlus Foods, while ADM will have 30
Brazilian food processor could generate $115 mln in revenues in two years from the new partnership