UPDATE 1-Marfrig, ADM to produce plant-based meat in Brazil [Reuters]
Archer-Daniels-Midland Company (ADM)
Last archer-daniels-midland company earnings: 4/29 04:05 pm
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Source: Reuters
Marfrig, ADM to produce plant-based meat in Brazil SAO PAULO (Reuters) - Brazil’s Marfrig Global Foods SA, the world’s largest hamburger producer, said on Tuesday it has reached an agreement with U.S.-based agribusiness company Archer Daniels Midland Co to produce and market vegetable protein products in Brazil. ADM, which trades and processes grains and oilseeds, will supply raw materials, and Marfrig said it will produce, distribute and sell the plant-based meat to restaurants and retailers. “Together, Marfrig and ADM will produce a 100% vegetable burger with a meat-like flavor and texture. We want to give consumers the power of choice. It’s up to them,” Eduardo Miron, chief executive of Marfrig, said in a statement. Marfrig’s shares were up 6.4% in Sao Paulo mid-session on Tuesday. ADM shares were trading down 2.4% in New York. The move underscores companies’ need to adapt to changing consumer habits, and makes Marfrig the latest meatpacker to join the fray. In June, Tyson Foods In
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