Beyond Meat loses Tim Hortons but wins over KFC
Plant-based meat maker Beyond Meat is getting a thumbs down from Tim Hortons and a thumbs up from KFC.
Shares of the El Segundo, California-based Beyond Meat fell Wednesday after Tim Hortons said it would drop Beyond Meat breakfast sausage off the menu at its 4,000 Canadian restaurants.
Tim Hortons introduced Beyond Meat sausage in May but said it was a slow seller because customers preferred the regular sausage. Tim Hortons said it will consider adding alternative meat in the future.
Beyond Meat shares fell 3% to $115.96 in afternoon trading.
Tim Hortons’ owner, Toronto-based Restaurant Brands International, also owns Burger King. That chain recently expanded sales of its plant-based Impossible Whopper in the U.S. That plant-based burger is made by Beyond Meat rival Impossible Foods.
Beyond Meat did get a vote of confidence Wednesday from KFC. The chain said it will start testing Beyond Meat plant-based fried chicken in Charlotte, North Carolina, and Nashville, Tennessee, next month.
KFC tested Beyond Meat chicken last summer in Atlanta, where supplies sold out in five hours. The companies have worked together since then to make improvements to the plant-based chicken.