Molinos Río de la Plata has agreed to acquire NotCo’s plant-based food and beverage businesses in Argentina and Uruguay.
In a filing with the Argentina stock exchange, Molinos Río de la Plata said the addition of the NotCo assets represents “a clear opportunity to continue expanding the consumption occasions” it caters to and adds “innovation credentials based on trends associated with a new generation of consumers”
Founded in 2015, Chile-based NotCo develops plant-based products. Its website says the company uses artificial intelligence to analyse plants and “come up with unique combinations that replicate animal-based products almost to perfection”. The company has previously partnered with PepsiCo and Kraft Heinz to develop plant-based products using its AI technology, known as Giuseppe The Molinos Río de la Plata agreement only covers the NotCo branded business in Argentina and Uruguay.
Financial terms were not disclosed. Molinos Río de la Plata said the transaction is subject to customary closing conditions and regulatory approvals. Victoria, Buenos Aires-headquartered Molinos Río de la Plata has a portfolio spanning products such as packaged frozen foods, pasta, coffee and wine.