Yahoo Finance Beyond Meat introduces Beyond Steak, shares down more than 80% year-to-date
Beyond Meat is out with its newest plant-based "meat" — Beyond Steak.
The frozen food comes in seared, bite-sized pieces and can be prepared in a skillet or air fryer in five minutes.
Meant for "meat lovers and flexitarians alike," the product contains no GMOs or added antibiotics and hormones. Per serving, it includes 21 grams of protein and 0 mg of cholesterol.
In a press release, Beyond Meat Chief Innovation Officer Dariush Ajami said the launch is a "highly-anticipated expansion" of its "beef" lineup, which also includes burgers, beef, sausage, and meatballs. "We’re proud to introduce this innovative product to consumers nationwide," Ajami said.
Beyond Steak is available nationwide at Walmart and Kroger, plus select Albertsons, Ahold divisions and other U.S. retailers.
The product launch comes as shares of the company are under pressure, down nearly 80% year-to-date.
Last week, the brand announced plans to cut 19% of its global workforce. This included letting go its Chief Operating Officer Doug Ramsey, who was arrested in late September for allegedly biting a man's nose inside an Arkansas parking garage following a University of Arkansas football game.
On October 18, Beyond Meat and plant-based food maker Don Lee settled a dispute over a previous partnership after a nearly 3 and a half year battle. Both companies "entered into a a confidential written settlement agreement and mutual release," according to court filings. "Both sides are satisfied with the outcome."
Brooke DiPalma is a reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.
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