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Meat alternative company snapped up by Phillipine-based food giant

Xinhua, October 1, 2015 Adjust font size:

A British-based substitute meat company, which sponsors Olympic gold medalist Mo Farrah, has been bought by one of Asia's major noodle producers for 833 million U.S. dollars.

The Monde Nissin Corporation, based in the Philippines won the race to buy Quorn, which was put up for auction last month by its current owners, attracting interest from global food companies.

Monde Nissin was founded in 1980 by Betty Ang, now reported to be one of the richest people in the Philippines with wealth of around 165 million U.S. dollars.

Quorn, a meat substitute made from fungus, has become popular with vegetarians. It is sold for use in home cooking or as ready-made meals and products that mimic favorites such as burgers and sausages. Farrah has become the 'face' of Quorn in Britain with intensive television advertising.

The company, which employs more than 600 people, will continue to operate under its new owners from its headquarters in North Yorkshire. It also operates sites in Frankfurt and Chicago.

Quorn's CEO Kevin Brennan, said: "We have an ambition to be the world leader in meat alternatives, ultimately creating a one-billion-U.S.dollar business. Monde Nissin provides the capability to expand the brand into Asia."

Quorn, currently owned by Exponent Private Equity and Intermediate Capital Group, reported sales of 227 million U.S. dollars in 2014. Endit