Global agribusiness giant Bunge is planning to invest around US$550M in a new soyabean protein concentrate (SPC) plant in Morristown, Indiana, USA.

The SPC and textured soyabean protein concentrate (TSPC) facility would meet rising customer demand for key ingredients in the production of plant-based foods, processed meat, pet food and feed products, Bunge said on 15 December.

Construction of the facility, which would be integrated with Bunge’s soyabean processing plant in Indiana, was expected to start in the first quarter of next year and would be commissioned in mid-2025, the company said.

Once operational, the new plant was expected to lead to the processing of an additional 4.5M bushels/year of soyabeans.

“Plant proteins are a natural extension of our… oils, fats, and speciality ingredient portfolio. This new facility is an important step in our long-term strategy to strengthen our capabilities in downstream higher value food ingredients,” Bunge CEO Greg Heckman said.

Bunge said the new facility would add significant scale, efficiencies, and non-GMO capability to the company’s existing US-based conventional SPC and TSPC operation in Bellevue, Ohio.

The company said it also planned to work with farmers to set up a traceable soyabean sourcing programme starting with the 2025 harvest.