Beyond Meat shares rise 2.8% premarket on news to make products for Europe at Dutch facility
Beyond Meat Inc. shares rose 2.8% in premarket trade Tuesday, after the company said it is expanding its agreement with Zandbergen World's Finest Meat, which will make its plant-based meat products at a new facility to be built in Zoeterwoude in the Netherlands. The facility is expected to be completed in the first quarter of 2020 and will house the company's first manufacturing outside of the U.S. "Localized production is expected to reduce the brand's transportation footprint, while increasing the speed in which Beyond Meat can get products to customers across Europe," the company said in a statement. Zandberger started distributing Beyond Meat products across Europe at foodservice companies and retail last year. The Beyond Burger recently joined the meat case at Albert Heijn in the Netherlands, Delhaize in Belgium and Tesco in the U.K. The stock has gained about 219% since the company's IPO on May 2.
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