Beyond Meat, Inc. Announces Historic Agreement to Bring Production of Plant-Based Meat for the China Market to Jiaxing EDZ, C...
September 08 2020 - 2:00AM
Beyond Meat (Jiaxing) Food Co., Ltd., a wholly-owned subsidiary of
Beyond Meat, Inc. (NASDAQ: BYND), has signed an agreement with
Jiaxing Economic & Technological Development Zone (JXEDZ) to
design and develop manufacturing facilities in the JXEDZ, including
a state-of-the-art production facility to manufacture plant-based
meat products including beef, pork and chicken under the Beyond
Meat brand in China. The production facilities will be located in
the JXEDZ, a historic and commercially important development zone
with ready access to Shanghai.
Beyond Meat, Inc. will be the first
multinational company focused solely on plant-based meat production
to bring its own major production facility into China.
Micky Pant, Senior Advisor to Beyond Meat said:
"Beyond Meat is building the perfect road to long term success in
China. It has the confidence to set up dedicated, cutting edge
production capacity via a wholly-owned subsidiary, located on the
mainland close to Shanghai. The JXEDZ is a visionary and proactive
partner with an excellent record in supporting the food
industry."
"China is one of the world's largest markets for
animal-based meat products, and potentially for plant-based meat,"
said Ethan Brown, CEO and founder of Beyond Meat. "We are delighted
and confident that after several months of productive and
collaborative discussions, we will partner with the JXEDZ to
develop two production facilities, including one of the world's
largest and technologically advanced plant-based meat factories. We
are very impressed by the capabilities and vision of the JXEDZ and
they are the ideal partner for us in this vitally important country
and market." Candy Chan, General Manager for Beyond Meat in China
added: "With its expertise in the food industry, proximity to
Shanghai, and excellent logistics and people capabilities, the
JXEDZ will be the perfect partner and location for our ambitious
plans for the China market."
Mr. SHENG, Director General of the
Administrative Committee of the Jiaxing Economic &
Technological Development Zone, welcoming the cooperation and
partnership said, "We are very happy to welcome Beyond Meat to our
Economic Development Zone and to China. It is our vision to support
high-quality investors in starting their ventures in China, and we
are aligned with the vision of Beyond Meat to bring new, high
technology food products that are nutritious and environmentally
friendly to the Chinese market. We look forward to a long
relationship and mutually beneficial partnership with this dynamic
new age company."
Work is ongoing on the project, and trial
production is expected to commence within months with full scale
production in early 2021. China is expected to be one of the most
important markets in the world for Beyond Meat, as a production and
R&D center, and as a major market in the years to come.
Media Contacts
US: Shira Zackai (szackai@beyondmeat.com)
About Beyond Meat
Beyond Meat, Inc. (NASDAQ: BYND) is one of the
fastest growing food companies in the United States, offering a
portfolio of revolutionary plant-based meats. Founded in 2009,
Beyond Meat has a mission of building meat directly from plants, an
innovation that enables consumers to experience the taste, texture
and other sensory attributes of popular animal-based meat products
while enjoying the nutritional and environmental benefits of eating
its plant-based meat products. Beyond Meat's brand commitment, Eat
What You Love™, represents a strong belief that by eating its
portfolio of plant-based meats, consumers can enjoy more, not less,
of their favorite meals, and by doing so, help address concerns
related to human health, climate change, resource conservation and
animal welfare. Beyond Meat’s portfolio of plant-based proteins was
available at approximately 112,000 retail and foodservice outlets
in 84 countries worldwide as of June 27, 2020. Visit
www.BeyondMeat.com and follow @BeyondMeat, #BeyondBurger and
#GoBeyond on Facebook, Instagram and Twitter.
Forward Looking Statements
Certain statements in this release constitute
"forward-looking statements." These statements are based on
management's current opinions, expectations, beliefs, plans,
objectives, assumptions or projections regarding future events or
future results. These forward-looking statements are only
predictions, not historical fact, and involve certain risks and
uncertainties, as well as assumptions. Actual results, levels of
activity, performance, achievements and events could differ
materially from those stated, anticipated or implied by such
forward-looking statements. While Beyond Meat believes that its
assumptions are reasonable, it is very difficult to predict the
impact of known factors, and, of course, it is impossible to
anticipate all factors that could affect actual results. There are
many risks and uncertainties that could cause actual results to
differ materially from forward-looking statements made herein
including, most prominently, the risks discussed under the heading
"Risk Factors" in the Company's Annual Report on Form 10-K for the
year ended December 31, 2019 filed with the U.S. Securities and
Exchange Commission ("SEC") on March 19, 2020, and the Company's
Quarterly Report on Form 10-Q for the quarter ended June 27, 2020
filed with the SEC on August 11, 2020, as well as other factors
described from time to time in Beyond Meat's filings with the SEC.
Such forward-looking statements are made only as of the date of
this release. Beyond Meat undertakes no obligation to publicly
update or revise any forward-looking statement because of new
information, future events or otherwise, except as otherwise
required by law. If we do update one or more forward-looking
statements, no inference should be made that we will make
additional updates with respect to those or other forward-looking
statements.
Beyond Meat (NASDAQ:BYND)
Historical Stock Chart
From Aug 2024 to Sep 2024
Beyond Meat (NASDAQ:BYND)
Historical Stock Chart
From Sep 2023 to Sep 2024