Tyson Foods, the US meat producer, has exited its investment in Beyond Meat, the alternative protein company which is due to go public at the start of May.
Beyond Meat on [April 22] said it is aiming to raise as much as $184m with an initial public offering [in May 2019] that will value it at more than $1bn. Tyson had a 6.5 per cent stake in the California-based company before its sale.
Tyson said it was “pleased” with its investment in Beyond Meat and had decided the time was right to exit. “Beyond Meat provided an early opportunity for Tyson Ventures to invest in plant-based protein products that many consumers are seeking. We wish the leadership of Beyond Meat all the best.”
The stake sale comes as the meat company is planning to launch an alternative protein product later this year.
Read full, original article: Tyson sells stake in Beyond Meat ahead of IPO