Beyond Meat's Pea Protein Supplier Gets $75 Million After Plantless KFC Chicken Sells Out In 5 Hours
Beyond Meat's (BYND) pea protein supplier, Puris, will receive a $75 million investment from Cargill, one of America's largest beef processors. The added investment for Puris comes as Beyond Meat products have become extremely popular, with the company's meatless chicken selling out in less than five hours at its testing KFC location in Georgia.
Puris, the largest North American supplier of pea proteins, will now have three facilities in North America that only focus on pea protein production thanks to the investment, creating 90 new jobs and assisting Beyond Meat as it tries to dominate the meatless market. It will also double pea protein production at a facility in Dowson, Minnesota.
Beyond Meat's business appears to be booming, as the company unveiled meatless chicken nuggets and boneless wings Tuesday at a KFC restaurant in Smyrna, Georgia. The meatless chicken products sold out in less than five hours, with customers lining up at 8 am for the product, meaning that Beyond Meat could have a hot item if it rolls out meatless chicken to KFC locations nationwide.
Los Angeles-based Beyond Meat sells all types of meatless products, from burgers to sausages, with the items available in grocery stores. The company's meatless products are also available at chains such as California-based Del Taco, which sold 2 million meatless tacos in the two months after its launch.
Beyond Meat's competitor, Impossible Foods, made a big splash earlier this year when it unveiled its Impossible Whopper at Burger King, which is now available at all U.S. locations.
Beyond Meat's initial public offering was at $25 in May before surging to more than $200 a share in June.
© Copyright IBTimes 2024. All rights reserved.