Exclusive: Impossible Foods pulls plug on McDonald's burger talks, shares of Beyond Meat jump
SAN FRANCISCO/NEW YORK - Impossible Foods is no longer trying to win a coveted deal to supply McDonald’s Corp with plant-based burgers, telling Reuters it cannot produce enough of its imitation meat to partner with the world’s No.1 fast-food chain.
Referring to McDonald’s, Impossible Foods CEO Pat Brown told Reuters in an interview that “it would be stupid for us to be vying for them right now ... Having more big customers right now doesn’t do us any good until we scale up production.” “I wish we had vastly more capacity than we do right now because the demand is high,” he said. Impossible Foods said it had previously met with McDonald’s but declined to disclose details about when it decided it wouldn’t be able to support a potential deal.
Beyond Meat told Reuters that talks with McDonald’s are going “very well” and that its new and upcoming facilities around the world are guaranteed to help it keep up with demand - not just in the United States, but globally. “Beyond Meat doesn’t want to drop the ball while there is amazing awareness building in the market, and they need to balance that with not over-committing themselves,” said Dan Altschuler Malek, managing partner at Beyond Meat investor Unovis Partners. “The industry will continue to talk about pressure on supply for years – not because output hasn’t increased but because consumer demand continues to exceed expectations.
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