Steakholder Foods Ltd. has announced its plans to restructure Peace of Meat (PoM) to support the regulatory approval submission of its cultivated avian food product in Singapore. The company intends to implement a series of changes designed to streamline operations and enhance its chances of success in the Singaporean market. The avian product is PoM’s focus. The company aims to finalize a submission to the Singapore Food Agency (SFA) by the end of 2023, with preparation for submission in the USA. As part of its new business plan for 2023, PoM plans to scale up production through a third-party plant, eliminating the need to advance its resource-intensive pilot plant project. The more efficient structure will allow faster development, with targeted layoffs in areas of the business that are not directly related to regulatory submissions.
The company aims to reduce overhead costs and allocate resources more effectively to support this vital initiative. According to Arik Kaufman, CEO of Steakeholder Foods, the announcement is a critical step in the company’s efforts to launch a product in the Singaporean market successfully. The company’s refocusing of resources on this initiative and streamlining operations will increase efficiency and productivity while also improving market penetration and the chances of success.
The move by Stakeholder Foods to restructure PoM operations follows Singapore’s regulatory approval of cultivated meat products, which is the first and only country to have completed the approval process so far. Steakholder Foods intends to take advantage of this opportunity and achieve regulatory approval in Singapore for its avian product. By doing so, the company aims to be a Singaporean market leader and prepare for submission in the USA. In addition, the decision to scale up production through a third-party plant is a significant step for the company, as it will accelerate the process and reduce costs.
Image provided by Steakholder Foods
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