Beyond Meat’s pea protein supplier receives additional $75 million investment from Cargill
If Amazon doesn't have a Whole Foods grocery near you, there are non-perishable groceries ( food that doesn't spoil) that Amazon can ship to you
Products from Beyond Meat, the vegan burger maker, are shown for sale at a market in Encinitas, California, June 5, 2019.
Reuters
Beyond Meat‘s pea protein supplier has received an additional $75 million investment from Cargill, one of North America’s largest beef processors.
Puris, which is the largest North American pea protein producer, will be able to more than double its pea protein production at an existing facility in Dawson, Minnesota.
The company buys peas from farmers who grow the crop using its proprietary seed and then extracts pea protein from them. As a result of the investment announced Wednesday, Puris will now own and operate three facilities in North America that focus solely on pea protein protein production. The investment will also add approximately 90 new jobs.
In January 2018, Cargill and Puris signed a joint venture agreement to accelerate the production of pea protein, with a $25 million investment from the agricultural giant.
Since then, Beyond Meat has significantly ramped up production of its meat substitutes, which use pea protein as its primary source of protein. In its second quarter, revenue from restaurants and foodservice surged 483% from a year ago, and revenue from grocery stores soared 192%.
Puris is not Beyond’s sole pea protein supplier. According to company filings from July 31, it also sources pea protein from Roquette, which is based in France.
Beyond products have landed on the menus of fast-food chains like Subway and Dunkin’. KFC, which is owned by Yum Brands, said Tuesday that the single Atlanta location testing plant-based Beyond fried chicken sold out of the item in less than five hours.
Beyond’s meat substitutes appeal to flexitarians — people looking to consume less meat — because they more realistically mimic the taste and look of meat products. The expected growth in the market for meat alternative market has send Beyond’s stock surging 528% since its May initial public offering.
Programming note: Puris President and CEO Tyler Lorenzen will be on CNBC’s “Squawk Alley” at 11:45 a.m. ET Wednesday.
College Dorm and Apartment Cooking gadgets - if you change the sort settings on the Amazon page, it will show other items by price
If Amazon doesn't have a Whole Foods grocery near you, there are non-perishable groceries ( food that doesn't spoil) that Amazon can ship to you
Save money on books, school supplies and everything you want to enjoy college! Financial aid, back in the olden days meant grants, scholarships, work study jobs. Loans were part of the package, but since they are available, ‘common thought’ was it is not financial aid – it was however a low interest loan. If you’re dependent on your parents, and they are below a certain income, most colleges give you much monies to help you attend their school. The middle class student with 2 working parents pays much more for their child to attend school and that student often can’t get work study job on campus. Those jobs are limited to the kids with financial aid.
If you can, or your parents can, to lower your loan debt when you leave school, if you have any monies, try to pay at least the interest while you are in school. Many loans start adding interest the day they are used to pay for school. So a $10,000 loan becomes a $12,000 amount when you leave school (example each loan is different) If you pay the interest (example $25 per month) then the $10,000 loan is only $10,000 when you leave school.