Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Tyson Foods Inc. TSN, +1.83% said Tuesday it is planning to acquire a minority stake in Protix, a Dutch company that’s a leader in insect ingredients, as it works on more sustainable protein production. Tyson did not disclose terms, but said it plans to fund Protix’s global expansion.
The two have also entered a joint venture that will create and operate an insect ingredient facility in the continental U.S. “Upon completion, it will be the first at-scale facility of its kind to upcycle food manufacturing byproducts into high-quality insect proteins and lipids which will primarily be used in the pet food, aquaculture, and livestock industries,” Tyson said in a statement. Tyson’s stock is down 24% in the year t to date, while the S&P 500 SPX, +1.06% has gained 14%.
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