Business

Renowned hamburger company initiates massive layoffs

US company Beyond Meat, which produces plant-based meat substitutes, announced in recent days that it was cutting 200 jobs, or about 19% of its global workforce, and lowered its financial forecast.

The California-based company, which had already said in August that it would cut 4% of its workforce, aims to complete most of this new job reduction by the end of December.

Now it has an annual turnover between 400 and 425 million dollars, when he had estimated it in the range of 470 to 520 million dollars.

As part of the job reduction plan, the position of Global Growth Officer, currently held by Deanna Jurgens, has been eliminated.

Beyond Meat also indicated that its director of operations, Doug Ramsey, will leave the company permanently after the scandal that occurred due to his behavior.

Burger
Beyond Meat, which produces plant-based meat substitutes, announced in recent days the cut of 200 jobs. (Reference image). – Photo: Getty Images

Ramsey was suspended last month after being arrested for assaulting a motorist, allegedly biting off his nose.

Founded in 2009, Beyond Meat profited for a while on the New York Stock Exchange of the growing popularity of plant-based products. But its growth has slowed considerably since then: in the first quarter, the group posted a slight drop in turnover and nearly $200 million in losses.

Doug Ramsey’s messes

A senior executive of Beyond Meat was suspended from his job at the end of September, after being pulled over for allegedly biting off a motorist’s nose.

“Doug Ramsey, Beyond Meat’s chief operating officer, has been suspended effective immediately,” the company said in a statement. Ramsey, 53, took over from him last December after three decades at meat group Tyson Foods.

At the end of a football game, he got angry in a parking lot with another motorist who tried to overtake him and hit his front wheel, according to a police report collected by local media.

As you get out of your car, Ramsey struck the other vehicle’s rear windshield first before physically engaging the driver.. According to the victim and a witness, the assailant also “threatened to kill” the driver.

He is being prosecuted for terrorist threats and intentional assault, and was released on nearly $11,000 bail, according to a document from local authorities. This is an inopportune episode for Beyond Meat, which is going through a difficult period.

Its shares have lost about 75% since the beginning of the year on Wall Street.

wall street
Beyond Meat shares have lost about 75% since the start of the year on Wall Street. – Photo: Getty Images

JBS, another meat giant in decline

The Brazilian meat giant JBS will close its US subsidiary dedicated to plant-based substitutes, two years after launching its first products, a spokeswoman for the group said on Monday.

The company prefers to “concentrate its efforts on plant-based operations in Brazil and Europe, (where) they continue to gain market shares and expand their client base,” the spokesperson said.

We continue to believe in the potential of plant-based options for consumers and remain committed to the alternative protein market.“, held.

The JBS representative did not respond to questions about whether the decision was due to disappointing sales in the United States.

JBS launched the first products from Planterra Foods, its Colorado-based subsidiary, in spring 2020 under the OZO brand, with vegetable equivalents of hamburgers or ground beef. On September 22, the group announced two new deals with the Gregory’s Coffee and Veggie Grill chains.

After growing, particularly at the start of the pandemic, interest in meat alternatives waned.

*With information from AFP.

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