Veganz Eyes Turnaround with Launch of Mililk FoodTech & $35M Sale of OrbiFarm

German plant-based pioneer Veganz Group is taking steps to turn around its declining sales by establishing Mililk FoodTech as a new subsidiary and selling its OrbiFarm subsidiary for €30M ($35M). Mililk FoodTech will focus on R&D, patents, production, distribution, and tech licensing for plant-based food manufacturing, with a current emphasis on plant-based milk products. The company predicts significant growth for its Mililk brand, with plans to open a production site in the US and establish six new production sites in Europe.

The sale of OrbiFarm and strategic investments are expected to help Veganz bounce back from several years of decreasing sales. Despite facing challenges in recent years, the company is anticipating a 22.5% growth in sales for the current year. With a focus on expanding production capacity and exploring new business opportunities, Veganz aims to meet the high market demand and continue its growth trajectory in the plant-based food industry.