Bell Food Group invests in cultured meat
The Bell Food Group takes a stake in the Dutch start-up Mosa Meat, the world's leading company for cultivated beef. The aim of the upcoming development period is to bring cultured beef to market maturity by 2021. This creates an alternative for those consumers who are questioning their meat consumption for ethical reasons, and an opportunity to meet the increasing demand for meat in a sustainable way.
The Bell Food Group is contributing EUR 2 million to Mosa Meat's next financing round. Based in Maastricht, the Netherlands, the company is the world's leading cultured beef company. Mosa Meat has developed a technology that can be used to produce cultured beef directly from animal cells. The company's co-founder and head of research is Professor Mark Post from Maastricht University, who is considered a world pioneer in the production of cultured meat. For Mark Post, working with the Bell Food Group is another step in shaping the future of alternative meat production.
With the inflow of funds from the Bell Food Group and other investors, Mosa Meat is securing the next research period up to 2021. The aim is to have cultivated beef ready for the market by then. The Bell Food Group supports the development and research work with its competence and know-how as one of the leading manufacturers of meat and charcuterie products in Europe.
According to various studies, meat consumption will increase significantly worldwide in a few years. According to calculations by the Food and Agriculture Organization of the United Nations (FAO), the global demand for meat will increase by 2050 percent by 70. This increase can no longer be sustainably covered by the existing production methods alone. With its commitment to Mosa Meat, the Bell Food Group wants to support the development of new production methods in the long term that offer a possible alternative for those consumers who question their meat consumption for ethical reasons.
The dynamic market environment in Switzerland and Austria reduced the EBIT of the Bell Food Group by around CHF 2018 million in the first half of 10 compared to the previous year. Thanks to the acquisition of Hüglion the other handincreased by around 6 million.
In the Bell Switzerland division, growth was primarily in the lower-margin ranges and sales channels, and this led to a decline in earnings compared to the previous year.
In the Bell International division, the poultry business fell short of expectations in the first half of 2018 due to higher feed prices, which could only be passed on to customers in part and with a delay, and increased personnel costs. In contrast, the national companies in Poland, France and Hungary developed positively and were able to increase their earnings in the first half of 2018.
The restructuring measures implemented in the Bell Germany division support the positive trend in terms of earnings.
In the convenience business, both companies Hilcona and Eisberg are developing very positively. The integration of Hügli is on track. The first synergy projects are being implemented and will take effect by the end of 2018.
Appropriate measures were introduced in both Switzerland and Austria to counteract the decline in earnings. Further details on the half-year financial statements of the Bell Food Group will be announced as part of the communication of the half-year results on August 16, 2018.
