As part of Steakholder Foods’ plan to launch a cultivated avian product starting with the Singaporean market, the company announces a strategic restructuring of its subsidiary, Peace of Meat (PoM), based on 3 pillars:
– Regulatory Submissions – PoM’s 2023 business plan will be focused on regulatory approval applications in Singapore
– Production – PoM will engage third parties to scale up the production process
– Efficiency – PoM’s team will be restructured to maximize efficiency and achieve its focused business objectives
REHOVOT, Israel, March 7, 2023 /PRNewswire/ — Steakholder Foods Ltd. (NASDAQ:STKH), (formerly MeaTech 3D: MITC), an international deep-tech food company at the forefront of the cultivated meat industry, announces a restructuring plan for PoM aimed at supporting the submission of a cultivated avian food product for regulatory approval in Singapore, the first, and so far, only country that has completed the approvals process for the consumption of cultivated meat. As part of this plan, the company will be implementing a series of changes designed to streamline its operations and position it for success.
As part of PoM’s new business plan for 2023, the company will focus on regulatory submissions for its avian product – finalizing a submission to the Singapore Food Agency (SFA) by the end of 2023, and preparing for submission in the USA. PoM intends to scale up production through a third-party plant, allowing for a cost-effective and accelerated process and eliminating the need to continue advancing its more resource-intensive pilot plant project.
The new, efficient structure will allow faster development and will involve targeted layoffs in areas of the business that are not directly related to the regulatory submissions. This will enable the company to reduce overhead costs and allocate resources more effectively to support this important initiative.
Arik Kaufman, CEO at Steakholder Foods: “Today’s announcement is an important step in our efforts to successfully launch a product in the Singaporean market. By refocusing our resources on this initiative and streamlining our operations, we believe we can drive greater efficiency and productivity, while also improving our chances of success and market penetration.”
