Meat+Poultry - June 2019 - 10

BUSINESS NOTES

TYSON FOODS TO BUILD
CASE-READY PLANT

CARGILL LAUNCHES NEW
GRAB-AND-GO SNACK PACKS

MEAT+ POULTRY | 06.19 | www.meatpoultry.com

IMPOSSIBLE FOODS
ANNOUNCES $300 MILLION
ROUND OF FUNDING
Impossible Foods, the maker of
the plant-based Impossible Burger,
has raised another $300 million in a
Series E funding round led by existing
investors Temasek and Horizons
Ventures. To date, the company has
raised more than $750 million since
launching in 2011.
Impossible Foods said it will use
the proceeds from this latest equity
funding round to add a third shift of
workers and second production line
at its manufacturing plant in Oakland,
California, with additional expansion
announcements coming later this year.
The company said it will hire at least 50
new employees at the plant.
"We have cracked the molecular
code for meat and built an industryleading intellectual property portfolio
and brand," said David Lee, chief
financial officer for Impossible Foods.
"Our global financial partners are
supporting a technology powerhouse
that will transform the global
food system."
The company said it is experiencing
unprecedented demand for the
Impossible Burger, which began
appearing on restaurant menus across
the country in 2016. In January,
Impossible Foods debuted an upgraded
recipe that is made with soy protein
instead of wheat protein. The product
is now sold in more than 7,000
restaurants in North America and
Asia. Recently, Red Robin added the
Impossible Burger to its menu at nearly
500 restaurants nationwide, and Burger
King began testing its Impossible
Whopper in the St. Louis area.
The Impossible Burger is slated to
launch in retail outlets later this year.

Cargill

Snacks that provide more than a
p.m. pick-me-up are in high demand
by consumers, and Cargill has taken
notice with the launch of grab-andgo snack packs offered under the
company's Honey Suckle White, Shady
Brook Farms and Castle Wood Reserve
brands. Set to officially debut this fall,
Honey Suckle White and Shady Brook
Farms Turkey Dippers offer consumers
low-carb, high protein snacks with
premium ingredients.
Each Turkey Dipper kit contains
fully cooked, oven-roasted turkey
breast tenders paired with one of three
vegetable-based dips - spinach dip,
guacamole or roasted garlic hummus.
The Castle Wood Reserve Premium
snack line, which also will be available
this fall, features a deli meat, a unique
cheese and a side item. Each kit
contains between 12 and 15 grams
of protein, and flavors include ovenroasted turkey breast with yogurtcovered granola clusters; pepperrubbed turkey breast with a blend of
dried cranberries and blueberries;
black forest uncured ham with dark
chocolate dried cherries; and genoa
salami with chocolate-covered pretzels.
Market research firm The NPD
Group said that for Gen Z consumers,
for example, portability is an attribute
they value when selecting a snack,
along with functionality, added
nutrients and health benefits. And
eating occasions between meals rose
to 429 per capita per year in 2018 from
410 in 2008, NPD Group said.

Tyson Fresh Meats, a unit of Springdale,
Arkansas-based Tyson Foods Inc., will
build a new case-ready processing plant
in Eagle Mountain City, Utah.
The case-ready plant will be located
in the Pole Canyon development at the
southwest end of Eagle Mountain City
and is expected to open in 2021. Eagle
Mountain City, population 40,000, sits
between Salt Lake City and Provo, Utah.
The facility will process cuts of beef
and pork into steaks, chops, roasts and
grinds. The plant is projected to create
800 jobs initially, then expand to 1,200
jobs within three years after opening.
The project is expected to add an
estimated $27 million in new state tax
revenue over the next 10 years.
"We welcome Tyson Fresh Meats
to Eagle Mountain," Mayor Tom
Westmoreland said. "This facility
will provide jobs for our community,
allowing people to work closer
to home. It will also bring needed
infrastructure, especially roads that will
provide better east/west connection to
the Cedar Valley. Tyson Foods is the
second Fortune 100 company to invest
in our city and we look forward to a
great community partnership."
To assist with the project, Eagle
Mountain City and Alpine School
District approved a Community
Reinvestment Project Area for the
plant. Other taxing entities will
consider the project for approval at
upcoming meetings.
Tyson also will receive tax
credits from the Governor's Office of
Economic Development. The company
will earn a portion of the new state
taxes they will pay over the next 10
years in the form of a post-performance
Industrial Assistance Fund tax credit
rebate for each year the company
meets criteria established in its
contract with the state of Utah.
"We're grateful for the invitation
to come to Eagle Mountain and Utah
County," said Nate Hodne, senior vice
president and general manager of case-

ready meats for Tyson Fresh Meats.
"We've built some great relationships
during the initial phases of this process,
and we appreciate the strong support
we've received from local leadership."

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Meat+Poultry - June 2019

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