The partnership will accelerate construction and commissioning of Merit’s world class extraction facility
WINNIPEG, Manitoba (August 27, 2020) – Merit Functional Foods announces today a new partnership with Bunge Limited that will bolster its mission to provide plant-based protein ingredients with unmatched purity and quality.
Bunge Limited (NYSE: BG) (“Bunge”), a leading international agribusiness and food company, has made a $30 million (CAD) capital investment in Merit, giving the global ingredient supplier a minority interest in the Canadian-based company. The partnership will expedite the construction of Merit’s state-of-the-art plant-based protein production facility in Manitoba, Canada, where it will produce novel pea and canola protein ingredients. It will be the only commercial-scale facility capable of producing food-grade canola protein in the world. Construction is well underway, and the plant is on track to be fully operational by December 2020.
“We’re excited to have a global partner like Bunge recognize our mission and assist us in accelerating our plans and path to launch,” Merit’s Co-CEO Ryan Bracken said. “Bunge also holds a deep knowledge of international commodity markets which will help reinforce our canola business with customers globally.”
The demand for plant-based foods and beverages–including dairy and meat alternatives–is rapidly increasing. Merit’s product portfolio of pea and canola protein ingredients supports the growing need for highly functional and taste-forward plant-based applications. As one of the leading processors of canola in Canada, Bunge has strong origination expertise and will supply Merit with critical inputs.
About Merit Functional Foods
Established in 2019, Merit Functional Foods is committed to exceeding expectations for plant-based protein, providing the market with the highest quality protein ingredients and blends that offer unmatched purity, exceptional taste, and excellent solubility. Merit is building a state-of-the-art production facility in Winnipeg, where it will produce a portfolio of pea and canola protein ingredients with exceptional functional and nutritional values. For more information, visit meritfoods.com.
About Bunge Limited
Bunge (NYSE: BG) is a world leader in sourcing, processing and supplying oilseed and grain products and ingredients. Founded in 1818, Bunge’s expansive network feeds and fuels a growing world, creating sustainable products and opportunities for more than 70,000 farmers and the consumers they serve across the globe. The company is headquartered in St. Louis, Missouri and has 24,000 employees worldwide who stand behind more than 350 port terminals, oilseed processing plants, grain facilities, and food and ingredient production and packaging facilities around the world. For more information, visit bunge.com.