By Sam Boughedda
Investing.com — Beyond Meat Inc (NASDAQ:BYND) has finalized the lease for a new research and development center in Shanghai, China, as part of its larger global expansion strategy, the company said in an announcement Monday morning.
The new R&D facility will be the company's first outside of the U.S. and serve as a "hub for innovation."
Shares of the fake meat maker fell 6% on Monday.
Dr. Dariush Ajami, chief innovation officer at Beyond Meat, explained: “This new resource will enable us to more precisely serve the palate of the Chinese consumer and contribute directly to the culture’s delicious cuisine, while joining our global effort to deliver plant-based meats that are indistinguishable from, healthier than, and over time, priced at parity with their animal protein equivalents.”
Beyond Meat is looking to further its expansion in China after opening a manufacturing plant in Jiaxing, its first manufacturing facility outside the U.S.
It has also announced offerings with partners including Starbucks (NASDAQ:SBUX) and KFC China while introducing the Beyond Burger, Beyond Beef, and Beyond Pork for the Chinese market.