Source With the acquisition, the company updated its full year 2021 guidance from $235m to $242m in total revenue and gross margin in the range of 20% to 25%, representing an increase of 58% to 63% compared to 2020.
“We are confident in creating new products, pushing past our existing product line and into new spaces, and we are comfortable producing food in any category. We have a pipeline of different and innovative ideas we can’t wait to share in the coming months such as alternative tortillas using plant-based ingredients. Tattooed Chef Chief Creative Officer Sarah Galletti added that the company — which makes a range of frozen meals including ‘Buddha Bowls’ and ‘Cauliflower Buffalo Burgers’ — sees an opportunity to introduce “nostalgic innovation into the plant-based food space” by leveraging the increased production space and capacity from the acquisition.
“We also plan to introduce innovative meals and snacks, in both frozen and ambient. Get ready, this is an exciting time at Tattooed Chef, and we are just getting started,” Sarah Galletti said. “We will be immediately addressing the $1bn Frozen Mexican Food category once the transactions close. At full capacity, we believe Foods of New Mexico can contribute up to $200m annually in revenue in the next two to three years and create significant value for all our stakeholders,” said Galletti.
The News Highlights
- Tattooed Chef acquires two new manufacturing facilities for $ 1 billion in the frozen Mexican food category
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