The Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz”) and
leading food tech start-up TheNotCompany, Inc. (“NotCo”,
“TheNotCompany”) announced today a joint venture designed to
reimagine global food production and advance toward a more
sustainable future.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220222005437/en/
Miguel Patricio, CEO at Kraft Heinz
(left) and Matias Muchnick, Co-Founder and CEO at NotCo (right).
(Photo: Business Wire)
The joint venture, which will operate under the control of Kraft
Heinz as The Kraft Heinz Not Company LLC (“The Kraft Heinz Not
Company”), will leverage the inherent strengths of both companies.
NotCo brings its patented, first-of-its-kind technology and proven
artificial intelligence (AI) solutions, while Kraft Heinz offers
its iconic brand portfolio and scale, to develop superior
plant-based versions of co-branded products at a level of speed,
taste, quality, and scale yet to be seen in the industry.
Both Kraft Heinz and NotCo share a desire to change the world
for the better and believe that working together they can and will
accelerate adoption of plant-based foods. While interest for
plant-based foods is surging, barriers in taste, variety, and
availability remain. Utilizing technology and an agile approach to
innovation, NotCo has made significant progress in addressing these
consumer needs, developing plant-based replacements for animal
products with simpler ingredients that don’t sacrifice taste,
functionality, or consumption experience.
“The joint venture with TheNotCompany is a critical step in the
transformation of our product portfolio and a tremendous addition
to our brand design-to-value capabilities,” said Miguel Patricio,
CEO of Kraft Heinz. “It helps deliver on our vision to offer more
clean, green, and delicious products for consumers. We believe the
technology that NotCo brings is revolutionizing the creation of
delicious plant-based foods with simpler ingredients.”
“When we started NotCo, it was our goal to make our technology a
catalyzer for a more sustainable food system not only for us, but
for other brands and manufacturers who share the same ambition,”
said Matias Muchnick, co-founder and CEO of NotCo. “Today is an
exciting milestone for the plant-based industry and shows the power
of technology’s role in driving mainstream adoption. We’re thrilled
to partner with Kraft Heinz and their iconic brands and work
hand-in-hand on building a more sustainable food system.”
The Kraft Heinz Not Company will be headquartered in Chicago
with research and development facilities in San Francisco and will
focus on plant-based innovation across numerous Kraft Heinz product
categories. Lucho Lopez-May, who is currently CEO, North America of
NotCo, will become CEO of The Kraft Heinz Not Company. Mr.
Lopez-May was previously CEO of Garland Food, and prior to that,
President of Strategic Growth Channels at Danone North America.
In partnering with NotCo, Kraft Heinz aims to leverage its
manufacturing and commercial capabilities, with the scale of some
of the most loved global food brands, to reshape the food landscape
and set a new standard for plant-based innovation.
About The Kraft Heinz Company
We are driving transformation at The Kraft Heinz Company
(Nasdaq: KHC), inspired by our Purpose, Let's Make Life Delicious.
Consumers are at the center of everything we do. With 2021 net
sales of approximately $26 billion, we are committed to growing our
iconic and emerging food and beverage brands on a global scale. We
leverage our scale and agility to unleash the full power of Kraft
Heinz across a portfolio of six consumer-driven product platforms.
As global citizens, we're dedicated to making a sustainable,
ethical impact while helping feed the world in healthy, responsible
ways. Learn more about our journey by visiting
www.kraftheinzcompany.com or following us on LinkedIn and
Twitter.
About NotCo
NotCo is an industry-changing, fast-growth food tech leader and
the only global company disrupting massive food and beverage
segments including dairy, eggs, and meat simultaneously. NotCo has
launched products including NotMilk™, NotBurger™, NotMeat™,
NotIceCream™, NotChicken™ and NotMayo™ in the U.S., Canada, Brazil,
Argentina, Chile, Mexico, Peru and Colombia and in less than five
years has become the fastest-growing food tech company in Latin
America, achieving, in that time, unicorn status at a valuation of
$1.5 billion. NotCo’s ultimate mission is to replace animal-based
foods entirely, and in turn reverse the harm that their production
has caused on the planet. For more information, please visit
www.notco.com.
Forward-Looking Statements
This press release contains a number of forward-looking
statements. Words such as “create," “accelerate,” “advance,”
“leverage,” “bring,” “offer,” “develop,” “transform,” “deliver,”
“revolutionize,” “make,” “show,” “focus,” “aim,” “reshape,” “will,”
and variations of such words and similar future or conditional
expressions are intended to identify forward-looking statements.
These statements include, but are not limited to, expected benefits
of the joint venture, impacts on Kraft Heinz’s business, financial
results, opportunities, and future plans, and other statements that
are not historical facts, each of which is based on Kraft Heinz’s
current beliefs, expectations, estimates, and projections. These
forward-looking statements are subject to a number of risks and
uncertainties, many of which are difficult to predict and beyond
Kraft Heinz’s control, which could cause actual results to differ
materially from those indicated in the forward-looking statements.
Those factors include, but are not limited to, Kraft Heinz’s
ability to achieve intended benefits of the joint venture, the
expected costs, and the risk factors set forth in Kraft Heinz’s
filings with the Securities and Exchange Commission, including
Kraft Heinz’s most recently filed Annual Report on Form 10-K and
subsequent reports on Forms 10-Q and 8-K. Kraft Heinz disclaims and
does not undertake any obligation to update, revise, or withdraw
any forward-looking statement in this press release, except as
required by applicable law or regulation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220222005437/en/
Alex Abraham (Kraft Heinz Media) alex.abraham@kraftheinz.com
Natalie Terashima (NotCo Media) NotCo@RKPR.net
Christopher Jakubik, CFA (Kraft Heinz Investors)
ir@kraftheinz.com
Kraft Heinz (NASDAQ:KHC)
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