Merit Functional Foods has announced its new partnership with ternational agribusiness and food company Bunge Limited. The collaboration will expedite the construction of Merit’s “state-of-the-art” plant-based protein production facility located in Winnipeg, Manitoba, Canada, where it will produce novel pea and canola protein ingredients.
Plant Protein in Canada: Burcon to Acquire Merit Functional Foods from Receiver
Burcon NutraScience has announced plans to submit a formal proposal to acquire the Canadian plant protein processor Merit Functional Foods business, which went into receivership on March 1, 2023. Burcon, Merit’s technology partner owning a 31.6% share, said in a statement that it remains actively engaged in discussions with PricewaterhouseCoopers, the financially distressed company appointed receiver. Merit was established in 2019 as a joint venture to enable the next generation of plant-based foods and beverages. In February 2021, after two years of its announcement, the company officially opened its pea and canola protein plant in Winnipeg, deploying Burcon’s patented technology. Bunge Corporation acquired a 25% stake in mid-2020 to expedite the completion of the protein facility. At the time, Merit also secured a debt financing package of up to …