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Beyond Meat enters into multi-year partnership with fast food chains

2021-02-26T09:34:24.037Z


Beyond Meat is posting very high losses in the corona crisis. Now the manufacturer of vegan meat substitutes is focusing on a new business area - and is concluding supply contracts with McDonald's, KFC and Pizza Hut.


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Beyond Meat Burger: Soon also at McDonald's

Photo: ANGELA WEISS / AFP

The US meat substitute manufacturer Beyond Meat is still struggling with problems.

For the fourth quarter of 2020, the company reported a loss of $ 25.1 million.

Revenues were $ 101.9 million, an increase of 3.5 percent but below expectations.

The company for vegan products now wants to save its business with partnerships.

For this purpose, Beyond Meat concluded long-term supply contracts with the fast food companies McDonald's and Yum Brands, the parent company of Taco Bell, KFC and Pizza Hut.

The strategic collaboration with McDonald's will be three years and agreed with Yum Brands for the "next few years," it said in a statement on Thursday.

Nothing was known about the financial details of the agreements.

McPlant burger in development for McDonald's

Beyond Meat will be the sole supplier for the McPlant, a plant-based burger that McDonald's is currently testing in its branches around the world.

The two companies have been working together since 2019 and now want to develop further meat-free alternatives for products such as chicken, pork and eggs.

The aim is to offer a wide range of plant-based products.

Yum Brands is already working with Beyond Meat.

In 2019, KFC offered a plant-based alternative to chicken in the US.

Beyond Meat was founded in 2009.

The company relies on the trend towards a meat-free diet.

Manufacturers strive to bring the alternatives close to the original in terms of taste, appearance, smell and consistency.

Peas, beans and soy are used, for example, beetroot has the "bloody" effect.

The IPO in May 2019 was celebrated in a big way.

The announcements of partnerships with McDonald's and Yum Brands have now reversed a 15 percent drop in the share price after the poor quarterly figures became known.

The share turned sharply into positive territory after the trading day.

Icon: The mirror

apr / AFP / dpa

Source: spiegel

All business articles on 2021-02-26

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