The Israeli company producing 3D printed meat has signed an MoU to acquired a supply chain partner
Meat-Tech, the Israeli company that in August completed a trial for its new 3D-printed meat product range, has agreed to pay $17.5 million to acquire a company that manufactures synthetic animal fat. The name of the supply chain partner to be acquired has not been revealed.
Headquartered in Ness Ziona, about 29-minute drive south Tel Aviv, Meat-Tech is a publicly traded company that has developed a bioprinting technology to produce meat from cells.
Shares of Meat-Tech are traded in the Tel Aviv stock exchange, and also on Nasdaq.
The soon-to-be-acquired company has a proprietary technology that enables the production of beef, chicken, and goose fat, which can be used in the production of cell-based meats.
NutritionInvestor understands that the deal will be partly funded by the transfer of Meat-Tech shares. The price of the shares will be calculated based on the average price in the 30-day trading period before the signing of the final agreement.
As part of the agreement, the management team and the employees of the acquired company will continue working for the firm for at least two years.
Meat-Tech is the parent company of Chicken Meat-Tech, a start-up developing a manufacturing process for cell-based chicken meat.
Date published: 21 September 2020