KFC Beyond Bucket
Courtesy of Beyond Meat
Beyond Meat said its plant-based fried chicken product is coming to KFC locations in the U.S. next week. Shares of the meat substitute firm jumped in after-hours on Tuesday following the announcement.
Beyond Meat (ticker: BYND) and KFC said in a joint news release Tuesday that the plant-based fried chicken, called Beyond Fried Chicken, will be available at U.S. KFC locations on Monday.
Beyond Meat stock jumped 7.5% to $66.25 in after-hours trading. Shares of KFC parent Yum! Brands (YUM) were unchanged in extended trading after rising 0.5% to close at $137.26.
“We couldn’t be prouder to partner with KFC to offer a best-in-class product that not only delivers the delicious experience consumers expect from this iconic chain, but also provides the added benefits of plant-based meat,” Beyond Meat CEO Ethan Brown said in the news release. “We are truly thrilled to make it available to consumers nationwide.”
KFC tested the Beyond Meat product in limited runs at select locations starting in Atlanta in August 2019. While plant-based, the product isn’t prepared in a vegan or vegetarian manner, the company’s said.
Beyond Meat stock had shed about half its value in the past 12 months, while Yum! shares were up about 30%.
Write to Connor Smith at connor.smith@barrons.com
