By Adriano Marchese

 

A new three-year agreement has been struck between plant-based meat substitutes producer Beyond Meat Inc. and McDonald's Corp. which will include the supply of plant-based burgers.

Beyond Meat said Thursday that under the terms of the strategic agreement, it will be the fast-food chain's preferred supplier for the patty being tested in certain restaurants.

In addition, the two companies will explore co-developing other plant-based items that could expand the menu to include plant-based chicken, pork and egg substitutes as McDonald's develops its McPlant platform.

"We're excited to work with Beyond Meat to drive innovation in this space, and entering into this strategic agreement is an important step on our journey to bring delicious, high quality, plant-based menu items to our customers," McDonald's Executive Vice President and Chief Supply Chain Officer Francesca DeBiase said.

At 4:48 p.m. EST in after-hours trading, Beyond Meat shares rose 2.5% to $147.40.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

February 25, 2021 17:12 ET (22:12 GMT)

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