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Not Your Average Joint Venture: Kraft Heinz and TheNotCompany Create Partnership to Accelerate AI-Driven Plant-Based Innovation Globally
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
partnership
Rhea-AI Summary
The Kraft Heinz Company (Nasdaq: KHC) has announced a joint venture with food tech start-up NotCo, aimed at innovating global food production and promoting sustainability. The new entity, The Kraft Heinz Not Company, will utilize NotCo's patented AI technology to create superior plant-based products. This collaboration seeks to accelerate the adoption of plant-based foods, addressing current consumer demands for better taste and variety. The initiative aligns with Kraft Heinz's objective to enhance its product portfolio towards cleaner and greener offerings.
Positive
Joint venture with NotCo to innovate plant-based food products.
Leverages NotCo's AI technology for enhanced product development.
Addresses consumer demand for better taste and variety in plant-based foods.
Aligns with Kraft Heinz's sustainability goals.
Negative
None.
PITTSBURGH & CHICAGO & NEW YORK--(BUSINESS WIRE)--
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.
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.
