Wonder Why Trump got Shifted?


BEYOND MEAT SIGNS PRODUCTION AGREEMENT IN CHINA

10:15 AM ET 09/08/2020

Associated Press

By DEE-ANN DURBINAP Business Writer

Beyond Meat will begin making plant-based meat in China later this year under an agreement announced Tuesday.

The El Segundo, California-based company said it will be the first multinational company focused solely on plant-based meat production to open a factory in China. Swiss food giant Nestle is also building a plant-based meat production facility in China, but it makes other products there.

Beyond Meat is partnering with the Jiaxing Economic and Technological Development Zone — about 75 miles from Shanghai — to design and develop two manufacturing facilities. Trial production will begin later this year, with full production expected in early 2021.

One of the facilities will be the world’s largest plant-based meat factories, Beyond Meat founder and CEO Ethan Brown said in a statement.

“China is one of the world’s largest markets for animal-based meat products, and potentially for plant-based meat,” Brown said.

Beyond Meat products made their Chinese debut in April at Starbucks, which sells the company’s imitation beef in lasagna, pasta and a spicy wrap. Beyond Meat products were also offered for a limited time at Pizza Hut, Taco Bell and KFC in China. In June, Alibaba’s Freshippo grocery stores in Shanghai began selling Beyond Meat burgers.

This is Beyond Meat’s second big production expansion this year. In June, it opened a manufacturing facility in the Netherlands with its Dutch partner, Zandbergen.

Beyond Meat shares rose 3% to $129.81 in morning trading.

Published by junkmall

Self educated in the field of Stock buying and Stock Option

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: