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Maple Leaf Foods, known mostly for chicken breasts and sandwich meat, is taking on a whole new sector- vegan foods.
On Tuesday, the Canadian company acquired plant-based protein company Lightlife Foods for $140 million (USD).
The deal, which is subject to a review, is expected to close in March.
"Expanding into the fast growing plant-based proteins market is one of Maple Leaf's strategic growth platforms and supports our commitment to become a leader in sustainability," said CEO Michael McCain. "Consumers are increasingly looking to diversify their protein consumption, including plant-based options.”
Lightlife reported 2016 sales of about $40 million and has 38% market share in the U.S. refrigerated plant proteins market.
The U.S. company employs approximately 100 people at its facility in, where it manufactures plant-based tempeh, hot dogs, breakfast foods and burgers.
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