© Reuters
By Dhirendra Tripathi
Investing.com – Past Meat (NASDAQ:) rose 3.6% in premarket buying and selling Wednesday on optimism that the corporate’s new unit in China will assist it serve extra clients and extra shortly within the area.
Past Meat’s shares are 37% under their 52-week excessive of $220.8, falling again after the corporate reported losses that ballooned to $25.1 million within the fourth quarter of 2020 from a $500,000 loss in the identical interval in 2019.
The manufacturing unit close to Shanghai is its first outdoors the U.S.
The plant may also assist the corporate enhance its value construction and make its operations sustainable.
With a view to meet China’s rising demand for plant-based meat, the ability will produce vary of plant-based pork, beef and poultry merchandise.
With a deal with long-term development and increasing current retail and foodservice enterprise, the ability may also characteristic R&D capabilities for creating new merchandise and supporting the corporate’s native strategic companions.
The corporate stated it is going to additionally open its first owned manufacturing facility in Europe this 12 months.
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