Tyson's stock jumps as company unveils plant-based nuggets, 'blended' burgers
Shares of Tyson Foods Inc. TSN, -0.51% rallied 1.7% in premarket trade Thursday, after the meat producer said it was entering the alternative protein market, as it unveiled new plant-based products under the Raised & Rooted brand. The company said it initial products it will launch this year include plant-based nuggets and "blended" burgers made with a combination of meat and plants.
"Today's consumers are seeking more protein options so we're creating new products for the growing number of people open to flexible diets that include both meat and plant-based protein," said Chief Executive Noel White. "For us, this is about 'and' -- not 'or.'" Tyson's announcement comes after Beyond Meat Inc.'s BYND, +12.64% initial public offering was well received to say the least, as the stock closed Wednesday at $141.
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