Beyond Meat (BYND) - Get Report is going international by expanding its partnership with Zandbergen World's Finest Meat in a new manufacturing facility being constructed by Zandbergen in the Netherlands.
The manufacturing partnership will be Beyond Meat's first production capability outside of the U.S. The facility will allow for localized production in Europe, granting Beyond Meat easier access to the European Union.
"The consumer response in Europe has been very positive and we look forward to being able to better serve those customers with locally produced products. We are pleased to have strong strategic partners in Europe like Zandbergen to help us grow our global footprint," said Seth Goldman, executive chairman of Beyond Meat.
Last year, Zandbergen began distributing Beyond Meat's products throughout Europe in both retail and food service markets.
"As the demand for plant-based products continues to expand in Europe, we are thrilled to be partnering with Beyond Meat to produce their innovative products outside the U.S.," said Adriaan Figee, Chief Commercial Officer of Zandbergen World's Finest Meat.
Meanwhile, analysts at JPMorgan initiated coverage on Beyond Meat with an overweight rating and $97 price target. The firm sees a total addressable market for plant-based meat of $100 billion in 15 years, or a market 100 times larger than today's size.
Beyond Meat shares debuted publicly on May 2, and the stock has risen more than 20% since then. Beyond Meat was rising 6.6% to $84.90 per share.