Tyson Foods exits Beyond Meat business
Tyson Foods decide to exit its Beyond Meat investment and sold its 6.5% stake in the plant-based protein products business just before public offering planned for this week. "Tyson Ventures is pleased with the investment in Beyond Meat and has decided the time is right to exit its investment", announced the meat producer in an e-mail, according to Bloomberg.
Also, the company informed that has a plan to launch its own alternative protein product and market tests are going to be conducted this summer. Tyson Foods paid $23 million for the stake owned in Beyond Meat. Beyond Meat seeks to raise as much as $184 million in an IPO and if that happens the market value of the company will reach $1.2 billion.
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