Germany’s Nordzucker plans 100 mln euro protein production investment

Germany’s Nordzucker plans 100 mln euro protein production investment

HAMBURG, Nov 20 (Reuters)Germany’s second-largest sugar producer Nordzucker will invest more than 100 million euros ($109.07 million) to expand production of proteins for food and animal feed, it said on Monday.

The programme will include construction of a factory in Gross Munzel in north Germany for production of an unspecified volume of proteins, mainly using peas as food and feed ingredients, the unlisted company said in a statement.

“Plant-based nutrition will play an increasingly important role in the future,” Nordzucker CEO Lars Gorissen said in a statement.

“The market is growing rapidly. With plant-based proteins, we see a great opportunity.”

In view of changing eating habits and the trend towards meat, egg and milk substitutes, entering this new business segment is a step with very attractive prospects, he said.

Construction of the Gross Munzel plant is expected to start in autumn 2024 with production expected to begin in mid-2026.

($1 = 0.9168 euros)

(Reporting by Michael Hogan Editing by David Goodman )

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