February 26, 2021

Plant-based meat maker Beyond Meat signs multi-year supply deals with Yum! Brands and McDonald's

Beyond Meat, a major plant-based meat maker, has signed multi-year supply deals with Yum! Brands Inc and McDonald's Corp, Reuters reported.

Beyond Meat's shares were 8% up in after-hours trading, pairing similar 18% gains as the company posted quarterly sales that did not reach analysts' expectations.

The company said it will develop products for Yum! Brands' KFC, Pizza Hut, and Taco Bell menus over the next few years.

According to Beyond Meat, its three year worldwide deal with McDonald's makes it the preferred supplier for the world's biggest restaurant chain's McPlant burger. Both companies will also work together to create new menu items using like plant-based chicken, pork, and eggs.

Beyond Meat posted a net sales increase of 3.5% to US$101.9 million in the period ended December 31, 2020, lower than analysts' estimations of US$104.8 million, based on data by Refinitiv IBES.

- Reuters