US exports feed demand at Quorn as £500m takeover battle warms up
MANUFACTURER of meat-free foods Quorn has increased production as demand from the US and Europe grows, in the midst of a takeover battle.
The Sunday Telegraph reported that the firm is currently in the middle of a £500m takeover battle between frozen food firms Nomad and McCain.
The firm, which recently invested £30m in a fermenter at its Billingham production site to increase capacity, has seen sales grow 30% in the US market.
The machinery at their production site, which produces 22,000 tonnes of Mycoprotein a year, means that production capacity has grown by 50%.
Sales to Europe were up 9%, boosted by double digit growth in Germany and Nordic countries.
Quorn ended 2014 with a turnover of £150m, up more than £9.0m on the previous year.
The firm exports to 15 international markets and has seen sales grow overall 7% over the last six months.
It is now aiming to triple its American operations by 2020, after having launched a stateside team at the beginning of 2014.
Quorn is now stocked at major US retailers such as Wal-Mart, Kroger and Meijer.
Kevin Brennan, chief executive of Quorn Foods, said: “There is a growing trend towards meat reduction around the world and as more consumers turn to alternative sources of protein, Quorn has seen a growth in sales globally.
“The US market in particular is waking up to the opportunity beyond meat free burgers, which is great news for us as our existing range of products is second to none, both in terms of the breadth and quality of our offering.
“And we’ve got plenty more new products in the pipeline too, as we‘re always looking to bring something new and exciting to the market.”
“As we push to accelerate our European exports we are investing heavily in TV advertising, particularly in Sweden and Germany.
“Quorn is even able to export Mo Farah through international marketing campaigns. Mo Farah, the star of our UK ads, also features in the Swedish advertisements and consumers there love him.”
