Bell Food Group invests in cultured meat. Bell Food Group's operating result for the first six months down on the previous year.
The Bell Food Group has invested EUR 2 million in Mosa Meat's next financing round. The company, based in Maastricht, the Netherlands, is the world's leading company for cultured beef. Mosa Meat has developed a technology 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 a global pioneer in the production of cultured meat. For Mark Post, the collaboration with the Bell Food Group is a further step in shaping the future of alternative meat production.
With the influx of funds from the Bell Food Group and other investors, Mosa Meat is securing the next research period until 2021. The aim is to develop cultured beef to market maturity by this time. The Bell Food Group is supporting the development and research work with its expertise 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' time. According to calculations by the Food and Agriculture Organization of the United Nations (FAO), global demand for meat will increase by 70 percent by 2050, an increase that can no longer be met sustainably by existing production methods alone. With its involvement in Mosa Meat, the Bell Food Group aims to support the long-term development of new production methods 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 Bell Food Group's EBIT in the first half of 2018 by around CHF 10 million compared to the previous year. However, the EBITDA result increased by around CHF 6 million thanks to the acquisition of Hügli.
In the Bell Switzerland division, growth was achieved primarily in lower-margin product ranges and sales channels, which 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 time delay, and higher personnel costs. In contrast, the national companies in Poland, France and Hungary performed well 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 area, both 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.
In order to counteract the decline in earnings, appropriate measures have been introduced in both Switzerland and Austria. Further details on the Bell Food Group's half-year results will be announced when the half-year results are communicated on August 16, 2018.About Bell Food Group
The Bell Food Group is one of the leading meat and convenience processors in Europe. The product range includes meat, poultry, charcuterie, seafood, fresh and long-life convenience products. With the Bell, Hilcona, Eisberg and Hügli brands, the Group covers a wide range of customer needs. Its customers include the retail and food service sectors as well as the food industry. Over 12,000 employees generate annual sales of around CHF 4 billion. The Bell Food Group is listed on the Swiss stock exchange.
About Mosa Meat
Mosa Meat is a company based in Maastricht, the Netherlands, that specializes in the development of "cultured meat" - meat that is obtained from cells without the need to raise and slaughter an animal. The team led by Chief Scientific Officer Professor Mark Post created the world's first cultured meat, inspiring the emergence of an entirely new industry. Now that the first research phase has been completed, Mosa Meat is focusing on the development of its first commercial products. The company's mission is to revolutionize the way meat is produced in order to meet the growing global demand for meat with a sustainable and environmentally friendly production method.