February 26, 2019 / 9:24 PM / 4 months ago

Fonterra buys minority stake in U.S.-based alternative ingredients company

FILE PHOTO: The Fonterra logo is seen near the Fonterra Te Rapa plant near Hamilton August 6, 2013. REUTERS/Nigel Marple/File Photo

(Reuters) - Fonterra purchased a minority stake in U.S.-based Motif Ingredients, the New Zealand dairy cooperative said on Wednesday, as it explores using alternative types of nutrients in its products.

This marks the first foray by the company, one of the world’s biggest dairy exporters, into synthetic proteins.

In a statement, Fonterra said it would not disclose the value of the stake but noted that the funds raised by all investors total $90 million.

Motif officials were not immediately available for comment.

“If we fast forward 30 years, there’ll be two billion more mouths to feed and there simply won’t be enough food to go around just using today’s methods,” said Judith Swales, head of Fonterra’s Global Consumer and Foodservice business.

Investors in Boston-based Motif, which focuses on developing plant-based and healthy foods, include Ginkgo Bioworks and Louis Dreyfus Company.

Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Richard Chang

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