Joint venture will focus on plant-based innovation across numerous Kraft Heinz product categories
Chilean foodtech unicorn NotCo (TheNotCompany), which produces plant-based meat and dairy substitutes, has formed a joint venture with American multinational food giant The Kraft Heinz Company.
The joint venture will operate under the control of Kraft Heinz as The Kraft Heinz Not Company and will be headquartered in Chicago with research and development facilities in San Francisco focused on plant-based innovation across numerous Kraft Heinz product categories.
Lucho Lopez-May, who is currently chief executive, North America of NotCo, will become chief executive of The Kraft Heinz Not Company. Lopez-May was previously chief executive of Garland Food, and before that, president of strategic growth channels at Danone North America.
Matias Muchnick, co-founder and chief executive of NotCo, said: “When we started NotCo, it was our goal to make our technology a catalyser for a more sustainable food system not only for us, but for other brands and manufacturers who share the same ambition. 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.”
Miguel Patricio, chief executive of Kraft Heinz, added: “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. It helps deliver on our vision to offer more clean, green, and delicious products for consumers. We believe the technology that NotCo brings is revolutionising the creation of delicious plant-based foods with simpler ingredients.”
NotCo expanded its plant-based milk portfolio into Canada via grocery stores in British Columbia in October last year.
Date published: 23 February 2022