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.
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.
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