Burcon NutraScience Corp (TSX:BU) is part of a bid to acquire the assets of Merit Functional Foods, the company announced.
An unnamed industry participant in association with Burcon has submitted a bid to acquire the assets, including a facility that the parties intend to restart and return to profitability.
"We are pleased to participate in the bidding process for the Merit facility,” CEO Kip Underwood said in a statement. “We firmly believe that Burcon's technologies and process expertise are fundamental to the Merit facility's future profitability.”
The plant-based protein producer noted that competing bids are expected and nothing is guaranteed to materialize.
“We continue to execute against our strategic themes,” Underwood said. “1. Identifying additional revenue streams; 2. Getting closer to markets/customers; and 3. Securing greater influence of the manufacture of our technology. We are proud of our team for working relentlessly to capitalize on this opportunity in a short amount of time. We look forward with optimism to the outcome of the Merit sales process."
Burcon NutraScience is a global technology leader in the development of plant-based proteins for foods and beverages.
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