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Commodities

Brazil's JBS agrees to buy Spanish lab meat firm in $100 million push into sector

FILE PHOTO: The logo of Brazilian meatpacker JBS SA is seen in the city of Jundiai, Brazil June 1, 2017. REUTERS/Paulo Whitaker

RIO DE JANEIRO (Reuters) - Brazilian meatpacker JBS said on Wednesday it had agreed to buy Spanish company BioTech Foods, while also creating a new research and development center in Brazil for lab meat as part of a $100 million push into the fast-growing sector.

“The acquisition marks the company’s entry into the cultivated protein market,” JBS said in a filing.

It added the Spanish deal would include $41 million assigned to building a new plant there to scale up production, and the accord was still reliant on regulatory approval.

Reporting by Gabriel Stargardter; Editing by Chris Reese

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