Beyond Meat (BYND) – Get Report said on Wednesday that it opened a manufacturing facility in China, its first end-to-end plant outside the U.S.
The El Segundo, Calif., plant-based-protein company said the facility was located in the Jiaxing Economic and Technological Development Zone near Shanghai.
The facility will “significantly increase the speed and scale in which the company can produce and distribute its products within the region,” Beyond Meat said in a statement.
The brand is known for its pork, beef, and poultry products, which are made completely from plant-based sources.
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In particular, the new plant will produce the company’s Beyond Pork products, which was an “innovation created specifically for the Chinese market,” Beyond Meat said.
“The plant-based-meat market in China continues to expand and Beyond Meat has been enthusiastically met by local consumers who are looking to live a healthy and sustainable lifestyle,” the company’s China general manager, Candy Chan, said in the statement.
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Beyond Meat in 2020 established a nationwide partnership with Starbucks China, (SBUX) – Get Report and it has partnered with KFC and Pizza Hut, (YUM) – Get Report (YUMC) – Get Report in addition to local food service operations, including Jindingxuan, GangLi Beijing, Slow Boat Brewery, Hema, and Metro China, the company added.
The company also said that later this year it planned to open its first owned manufacturing facility in Europe to further provide plant-based-meat products to new markets.
At last check Beyond Meat shares were trading 2.8% higher at $137.69.
