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Beyond Meat Gains on Report Impossible Foods Won't Seek McDonald's Deal

Beyond Meat Gains on Report Impossible Foods Won't Seek McDonald's Deal
(Piotr Swat/Dreamstime)

Tuesday, 07 January 2020 04:41 PM

Faux burger maker Beyond Meat Inc. extended stock-market gains on Tuesday following a report that its main competitor, Impossible Foods Inc., is no longer seeking a deal to be a supplier for fast-food giant McDonald’s Inc.

Impossible Foods Chief Executive Officer Pat Brown said his company wouldn’t be able to produce enough supply for such a big partnership, Reuters reported.

Beyond Meat stock rose as much as 14% to $84.75 on Tuesday afternoon. That’s the most intraday in more than three months.

Beyond Meat may already have the inside track. In September, McDonald’s picked Beyond Meat for a test of a plant-based burger in Canada. And Beyond Meat CEO Ethan Brown said a month later that he expected the test to lead to more work with the fast-food giant.

At the time, McDonald’s said it would sell the patty, known as a P.L.T., which stands for plant, lettuce and tomato, at 28 restaurants in Ontario over a three-month period.

Impossible Foods already has a major partnership with Burger King, however, which produces the Impossible Whopper. Both companies have secured contracts with restaurant companies in recent months as consumers increasingly warm to plant-based products that have the look and taste of meat.

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Faux burger maker Beyond Meat Inc. extended stock-market gains on Tuesday following a report that its main competitor,
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2020-41-07
Tuesday, 07 January 2020 04:41 PM
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