Beyond Meat (BYND, $92.16) venturing out of the U.S. into Europe
Shares of Beyond Meat surged 8% in Tuesdays morning’s trade after the plant-based meat manufacturer announced the signing of a deal with Zandbergen World’s Finest Meat. Production will begin in the Netherlands and start rolling out its plant-based meat substitutes by early 2020.
Beyond’s stock, valued at $5 billion, has surged 241% since it went public at the beginning of May. After the conclusion of talks with Zandbergen, it will be Beyond’s first venture in Europe.
According to analysts, 22% of Europeans are trying to reduce meat consumption and opting for ‘flexitarian’ diet that includes alternatives closely mimicking the actual taste and texture of meat.
This partnership with Zandbergen means now it can make its vegan meat alternatives in the Netherlands at a new manufacturing facility. The facility is expected to be completed in the first quarter of next year. It will mark Beyond’s first production plant outside of the U.S.
The partnership with Zandbergen is a reasonable deal as it has started distributing Beyond’s products, like the Beyond Burger and Beyond Sausage across Europe last year. Other distributors have helped spread Beyond Meat far and wide, from Australia to Chile to Hong Kong, to more than 35,000 retail and restaurant locations.
