Quorn Foods will increase its production by 50 % as worldwide demand for its products had shot up a lot. The vegetarian item does exceptionally well in the United States and Europe.
Strong American growth
Over the past 6 months, American sales grew 30 %, while European sales went up 9 %. According to the company, Quorn is taking advantage of a trend that has people eating less meat and that has consumers on the lookout for an alternative.
That is why Quorn aims for a yearly turnover growth of more than 30 % in the United States. Turnover should have increased 3-fold by 2020 over there. To meet the demand, which is also increasing in Europe, the company invested 40 million euro in its Middlesbrough factory in England, in order to boost its production capabilities.
No mention of possible acquisition
The company has also refrained from any comment about a possible Nomad Foods or McCain acquisition. Apparently, both companies have been eyeing Quorn Foods with Nomad Foods even planning a 700 million euro bid.
Its current owner, private equity firm Exponent, bought Quorn Foods in 2011, but is apparently willing to sell it again, although it may also bring the company to the stock market.