The company buys peas from farmers who grow the crop using its proprietary seed and then extracts pea protein from them. As a result of the investment announced Wednesday, Puris will now own and operate three facilities in North America that focus solely on pea protein protein production. The investment will also add approximately 90 new jobs.
In January 2018, Cargill and Puris signed a joint venture agreement to accelerate the production of pea protein, with a $25 million investment from the agricultural giant. Since then, Beyond Meat has significantly ramped up production of its meat substitutes, which use pea protein as its primary source of protein. In its second quarter, revenue from restaurants and foodservice surged 483% from a year ago, and revenue from grocery stores soared 192%.
Puris is not Beyond's sole pea protein supplier. According to company filings from July 31, it also sources pea protein from Roquette, which is based in France.
Meat competion ?
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »