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MarketScreener Homepage  >  Equities  >  Nyse  >  Kroger    KR

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Plant-based egg producer Eat Just to build Singapore factory

10/20/2020 | 04:33am EST

SINGAPORE (Reuters) - Plant-based egg substitute startup Eat Just Inc said on Tuesday it had partnered with a consortium led by Proterra Investment Partners Asia to build a plant protein production facility in Singapore to serve the Asian market.

The consortium will invest up to $100 million and Eat Just will invest up to $20 million to build and operate the factory, its first in Asia.

"Once built, the first factory will generate thousands of metric tons of protein, adding to existing large-scale protein facilities in North America and Germany," Eat Just said in a statement.

The San Francisco-based start-up makes a mung bean-based egg substitute that comes in bottles and looks like beaten fresh eggs. Eat Just, which also makes a mayonnaise substitute, sells its products in stores including Walmart, Kroger and Whole Foods.

Its existing distribution partners in Asia include South Korea's SPC Samlip and Thailand's Betagro.

Demand for plant-based meat substitutes and proteins has grown as customers have become increasingly health conscious and are concerned about the environmental impact of industrial animal farming.

Singapore, a densely populated city-state that produces only about 10% of its food needs plans to increase that proportion as climate change and population growth threaten global food supplies.

(Reporting by Aradhana Aravindan in Singapore; editing by David Evans)


© Reuters 2020
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Sales 2021 132 B - -
Net income 2021 2 710 M - -
Net Debt 2021 13 407 M - -
P/E ratio 2021 9,02x
Yield 2021 2,11%
Capitalization 25 048 M 25 048 M -
EV / Sales 2021 0,29x
EV / Sales 2022 0,30x
Nbr of Employees 435 000
Free-Float 40,1%
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Average target price 36,06 $
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NameTitle
W. Rodney McMullen Chairman & Chief Executive Officer
Michael Joseph Donnelly Chief Operating Officer & Executive Vice President
Gary Millerchip Chief Financial Officer & Senior Vice President
Yael Cosset Chief Information Officer & Senior Vice President
Bobby S. Shackouls Independent Director
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