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Steakholder Foods announces strategic restructuring plan for Peace of Meat to focus on a cultivated avian product launch for the Singaporean market

March 10, 2023

Steakholder Foods has revealed a restructuring plan for subsidiary Peace of Meat 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 Peace of Meat'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. Peace of Meat 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.

"This announcement is an important step in our efforts to successfully launch a product in the Singaporean market," said Arik Kaufman, CEO at Steakholder Foods. "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."

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