Meat Substitute Company Quorn Foods Sold to Monde Nissin
Quorn Foods, a very well-known meat substitute company produced in North Yorkshire, has officially been sold to Monde Nissin of the Philippines, a non-vegetarian company, for a total of £550m (about $832 million).
The company is best known by its advertisement in Britain by Mo Farrah, double world champion and Great North Run winner, and specifically creates meat alternatives from fungus. They sell products for cooking or ready-made meals that include mock-meats such as nuggets, cutlets, burgers or sausages, available in 15 countries. While the company plans to continue to operate from its North bases, Quorn’s chief executive, Kevin Brennan expressed the company’s interest in the forthcoming expansion into the Asian market. He stated:
“We have an ambition to be the world leader in meat alternatives, ultimately creating a $1bn business. Monde Nissin Corporation’s purchase represents a great step forwards in this ambition; they share our belief in the potential of Quorn, and provide capability to expand the brand into Asia.”
Quorn Foods was put up for auction earlier in the month, and was soon a target from huge global food companies, such as Danone and McCain. However, Monde Nissin, a leading branded consumer goods company located in the Philippines, won the auction and the sale is expected to be complete on October 30.
Monde Nissin are in the process of building a global-branded food business that is focusing on both health and sustainability. Their chief executive officer Henry Soesanto stated:
“Monde Nissin have been investing in ‘on-trend, better for you’ products internationally in line with our strategy to become a global diversified food company. Quorn represents an important new leg in our offering. We are excited by the growth potential of the global meat alternatives market, which complements our strategy perfectly.”
Quorn joins two other vegan companies that were bought out this year, including European vegan company Mona Group, and Vega.
According to Chris Graham, a partner at Exponent, in the last five years Quorn helped “take a staggering 60bn calories out of diets and had a Greenhouse Gas benefit equal to 65,000 cars not being on the road.” He continued, saying that under the new ownership, he is “confident it will go on to have a profound impact on both health and sustainability.”
Let’s hope he is right.
Photo Credit: http://www.themagnifyingglass.co.za/