Beyond Meat (NASDAQ:BYND) stock is on the rise Friday after announcing a couple of new deals with major fast-food companies.
The first of these deals is with Mcdonald’s (NYSE:MCD). This will have Beyond Meat serving as the preferred supplier of plant-based patties for the company’s new McPlant menu item. That deal lasts for three years.
The new McPlant menu item is being tested at select locations around the world. It’s also not the only thing that could come from the agreement between the two companies. Beyond Meat notes that it will also work with McDonald’s to potentially develop substitute plant offerings for chicken, pork, and egg.
Ethan Brown, founder and CEO of Beyond Meat, said this about the news pumping BYND stock up today.
“We will combine the power of Beyond Meat’s rapid and relentless approach to innovation with the strength of McDonald’s global brand to introduce craveable, new plant-based menu items that consumers will love.”
Beyond Meat’s other big deal today is with Yum! Brands (NYSE:YUM). This will have it providing plat-based alternatives to KFC, Pizza Hut, and Taco Bell. The exact length of the deal is unknown but it’s set to last for years.
Just like with the McDonald’s deal, this will have Beyond Meat working with Yum! Brands to develop new items for the company’s various restaurant chains. It also expands on a previous agreement between the two companies that started in 2019.
BYND stock was up 3.2% as of Friday morning. and is up 17.5% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.