Welcome to the latest update from Wide Open Agriculture Limited (ASX: WOA). We are excited to share with you a series of initiatives that we have recently undertaken to streamline our operations and reduce costs, ultimately enhancing our long-term growth and financial sustainability.
Highlights
- Relocated head office and R&D facility to a new location in Leederville, Western Australia, improving access to commercial services and reducing costs
- Successfully completed two toll treatment trials at our German facility, producing high-quality plant-based protein products
- Exploring fee-based toll treatment partnerships to enhance collaboration in the plant-based protein sector and increase facility utilization in Germany
- Continued focus on streamlining operations to support long-term growth and financial sustainability
Relocation and Cost-Saving Initiatives
We have moved our head office and R&D facility to a more strategically positioned location in Leederville, Western Australia. This relocation has not only reduced costs but also provided us with convenient access to key commercial services. Additionally, we have reviewed our corporate costs as part of our ongoing efforts to reduce expenses. We are also exploring options to relocate our pilot plant to a new facility.
WOA Germany employees preparing for a toll production run
German Facility Update and Operational Review
We have conducted a thorough review of our German production facility operations and costs in order to improve efficiency and address underutilization. Recently, we completed two successful toll treatment trials for local plant-based protein companies, showcasing the facility’s capabilities to potential customers. We are actively seeking additional fee-based toll treatment services and building relationships within the plant-based protein industry while maintaining a focus on facility costs.
Yaxi Zhan, Non-Executive Chair, said: “While we continue to advance in the plant-based protein sector and expand our customer pipeline for the Grimmen facility, our commitment remains on optimizing operations and reducing costs. Our priority is efficiency as we strive to create long-term value for our shareholders.”
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