Here's your Forbes Daily Briefing for Sunday, December 1st.

Today on Forbes, Philippines's top noodle maker downsizes loss-making alternative meats business.

Mandi Nissen, the largest Philippine maker of instant noodles by revenue and controlled by Indonesia's billionaire Quifanus family

is scaling down Korn's operations to cut losses at its UK-based alternative meats unit.

According to Jesse Teo, chief financial officer of Manday Nissen,

corn's capacity exceeds what's needed to serve the UK and the U.S.

where the company's expansion

didn't go as planned amid softer demand. He said that the downsizing could help corn return

to black. Teo told Forbes Asia, quote, the growth wasn't there, so we have to dial down. This

restructuring is meant to make the business healthier. We over-invested in the

business, not only in capacity. The group bought corn in 2015 for $831 million and spent almost

$340 million to expand the business, bringing total investments to about $1.2 billion.

Teo said that Manday Nissen will retrench hundreds of Quarne's workforce

as it shuts plants and streamlines its supply chain.

The $15 million or $19 million overhaul includes the appointment of a new CEO at Quorn,

which in 2021 had 900 employees and exports to 15 countries,

including the U.S., Singapore, and Australia.

John Gottmeitan, chairman at Luna Securities in Manila, says, quote,

Monday, like many other meat alternative players, misjudged the market.

The novelty of fake meat is gone.

It's not gaining traction, and Monday is taking corrective action.

Monday Nissen CEO Henry Soasanto, who helped transform the company from a biscuit maker

...