Tyson Foods has announced plans to begin selling a meat substitute this summer. The company, which had been an investor in Beyond Meat, exited that deal, as Beyond Meat did not want a competitor as an investor.
According to CNN, Tyson’s product will first enter the market "on a fairly limited basis," CEO and president Noel White said during an analyst call discussing the company's second-quarter earnings on Monday. He added that Tyson plans to roll out its meat substitute "on a much larger scale" this fall.
"Tyson Ventures is pleased with the investment in Beyond Meat and has decided the time was right to exit its investment," the company said in a statement. "Beyond Meat provided an early opportunity for Tyson Ventures to invest in plant-based protein products that many consumers are seeking."
Tyson Foods remains an investor in Memphis Meats, which is developing cell-based protein solutions.