McDonalds’ new PLT burgers were photographed outside one of the company’s test locations in London, Ontario on September 30, 2019.
GEOFF ROBINS | AFP | beautiful images
McDonald’s will be testing meat-free burgers in some markets next year as it adds plant-based menus, which the company has dubbed “McPlant”;.
International President Ian Borden says McPlant was created “by McDonald’s and for McDonald’s.” Borden says the McPlant line may also include chicken alternatives.
Shares in Beyond Meat, the company that makes McDonald’s Canada meat-free spring rolls, fell as much as 6% in morning trading according to the news. Stocks paused briefly due to volatility.
McDonald’s began testing a meat-free burger, called PLT, at dozens of restaurants in Ontario last September. By April, the chain ended its testing and has since said it has no plans to bring the PLT burger back at this point.
Former McDonald’s CEO Don Thompson, who was an early investor in Beyond, sits on the board of the plant-based meat maker. Investors have speculated that the relationship between the two companies could mean a long-term partnership and made Beyond a supplier to the largest US restaurant chain by sales.
Other McDonald’s international markets have seen more success with meatless burgers. For example, restaurants in Germany have added Nestle-made veggie burgers to their menus.
Rival Burger King, owned by Restaurant Brands International, released a plant-based Whopper in the US, with a privately made Impossible Foods cake last year.
Shares of McDonald’s rose less than 1% in morning trading after the company’s third-quarter earnings and revenue topped analysts’ estimates. The company has also released an investor update that predicts single-digit system-wide sales growth in 2021 and 2022 and shares more on its strategy to drive sales. sales number.
Beyond is expected to announce third-quarter results after the bell on Monday.