Tuesday, January 30, 2018

Tyson invests in “fake” meat

Tyson is investing in Memphis Meats, but isn’t saying how much.

Cargill invested in Memphis Meats earlier, also not revealing how much it contributed towards the $17 million raised in that round of funding for the company that has yet to put any products on the market.

Two years ago Tyson bought a five per cent stake in Beyond Meat.

Memphis Meats is researching ways to multiply animal cells and form them into products. Beyond Meat makes meat-like products from plants.

This week Maple Leaf Foods Inc. announced it has finalized its deal to buy Field Roast Grain Meat Co. for $120 million.

Last year it bought Lightlife Foods, another company making meat-like products from plants.

Maple Leaf says it is “now positioned as a leader in the U.S. retail market for plant-based proteins.”

Plant-based “meats” are much cheaper to make than Memphis Meats' approach which so far is costing about $35,000 a pound.