Bunge to Invest $550M in New Soy Protein Concentrate Facility
Agribusiness giant Bunge announced its plans to invest $550 million to build a fully integrated soy protein concentrate (SPC) and textured soy protein concentrate (TSPC) production facility in Morristown, Indiana.
The new manufacturing site is expected to meet growing demand for key ingredients in the production of plant-based foods including plant-based meats, pet foods, and feed products.
Bunge stated that this project will add significant non-GMO scale and efficiency to its existing U.S.-based conventional SPC and TSPC operations in Bellevue, Ohio. Construction of the new facility is scheduled to begin in the first quarter of 2023, with expectations that the plant will be fully online in mid-2025, ramping up to processing capacity of 4.5 million bushels of soybeans per year. To meet its sourcing requirements, Bunge stated that it intends to contract with farmers to establish a traceable soybean sourcing program beginning with the 2025 harvest.