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Oatly aims to convert cow’s milk drinkers in pursuit of sales, and a better planet MarketWatch 2 hrs ago
Video: Where Oatly goes, oat milk takes off, says analyst (CNBC) Where Oatly goes, oat milk takes off, says analyst
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Framed by a backdrop that said “post-milk generation,” Oatly Group AB Chief Executive Toni Petersson reiterated his company’s mission to help save the environment and grow the number of people who are choosing Oatly over traditional cow’s milk.
“It’s about converting people who used to drink cow’s milk to people who drink oat milk,” he said to the group of global journalists gathered at the virtual press conference. “We will not lose track of that mission and continue to stay true to that.”
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(Reuters) -Shares of Oprah Winfrey-backed Oatly Group AB jumped 30% in their market debut on Thursday, valuing the Swedish oatmilk maker at about $13 billion, as demand for plant-based food products surges globally.
The Oatly factory is seen in Landskrona, Sweden May 20, 2021. TT News Agency/Johan Nilsson via REUTERS
Oatly’s strong debut, along with that of construction software firm Procore Technologies, is expected to restore short-term confidence in U.S. initial public offerings. That market has been rocked by recent inflation fears that forced investors to abandon growth stocks.
Shares of Sweden-based Oatly, whose investors also include rapper Jay Z and former Starbucks Corp head Howard Schultz, opened at $22 a share.