The Foodplus programme, run by ANZCO Foods, will receive $43.5 million over seven years from the Primary Growth Partnership (PGP) Fund.
The programme will identify opportunities to create new products, with a particular focus on parts of the beef carcase that generate less value.
“Adding further value to the carcase is essential for the future success of the meat industry,” McNee said.
“ANZCO’s vision for Foodplus is relevant and bold and now backed by a significant investment.”
ANZCO welcomed yesterday’s announcement which will make the Foodplus programme possible.
“It is a large-scale project that wouldn’t be achievable without collaboration. We’re excited about the potential that this will bring to the sector,” ANZCO food and solutions division chief executive Rennie Davidson said.