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CHICAGO (Reuters) – Plant-based meat maker Beyond Meat Inc said Thursday it has signed multi-year supply agreements with McDonald’s Corp and Yum! Brands Inc.
Shares of El Segundo, Calif.-Based Beyond Meat rose 8% in after-hours trading, slashing prior gains by 18%, as the company also reported quarterly sales that fell short of expectations. analysts.
Beyond Meat has announced plans to create products over the next few 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 preferred supplier to the world’s largest restaurant chain for the patty from its new McPlant burger. The two companies will also develop other menu items like chicken, pork and plant-based eggs.
Beyond Meat reported a 3.5% net sales increase to $ 101.9 million during the period ended Dec.31, below analysts’ forecast of $ 104.8 million, according to data from Refinitiv IBES.
Reporting by Richa Naidu in Chicago; edited by Jonathan Oatis and Nick Zieminski
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