Press release
Not Your Average Joint Venture: Kraft Heinz and TheNotCompany Create Partnership to Accelerate AI-Driven Plant-Based Innovation Globally
PITTSBURGH & CHICAGO & NEW YORK--(BUSINESS WIRE)-- The Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz”) and leading food tech start-up TheNotCompany, Inc.
About this update from The Kraft Heinz Company
[{"type":"text","content":" PITTSBURGH & CHICAGO & NEW YORK--(BUSINESS WIRE)--\nThe 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.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220222005437/en/Miguel Patricio, CEO at Kraft Heinz (left) and Matias Muchnick, Co-Founder and CEO at NotCo (right). (Photo: Business Wire)\nThe 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.\n\nBoth 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.\n\n“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.”\n\n“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...