CHICAGO (Reuters) – Plant-based meat maker Beyond Meat Inc said on Thursday that it has signed multi-year supply deals with McDonald’s Corp and Yum! Brands Inc.
Shares of El Segundo, California-based Beyond Meat were up 8% in after-hours trading, paring earlier gains of 18% as the company also reported quarterly sales that missed analyst expectations.
Beyond Meat said it plans to create products over the next several years with Yum! Brands for its KFC, Pizza Hut and Taco Bell menus.
The maker of the Beyond Burger said its three-year global deal with McDonald’s would make it the world’s biggest restaurant chain’s preferred supplier for the patty in its new McPlant burger. The two companies will also develop other menu items like plant-based chicken, pork and eggs.
Beyond Meat reported an increase in net sales of 3.5% to $101.9 million in the period ended Dec. 31, short of analysts’ forecast of $104.8 million, according to Refinitiv IBES data.
(Reporting by Richa Naidu in Chicago; editing by Jonathan Oatis and Nick Zieminski)
