Chipotle Mexican Grill (NYSE:CMG) stock is in the news Tuesday after the restaurant chain announced plans for an international expansion.
Chipotle is working with international franchise retail operator Alshaya Group to bring its restaurants to the Middle East for the first time. The company will start with locations in Dubai and Kuwait opening next year.
Chipotle notes that it will also expand to more areas after those initial locations are opened. The company already has international restaurants in Canada and the U.K. It also plans to open new locations in France and Germany this summer.
Brian Niccol, chairman and CEO of Chipotle, said the following about the international expansion news.
“Leveraging Alshaya’s market expertise will enable us to quickly gain access to these vibrant economies. We are excited to offer guests in the Middle East our responsibly sourced, classically-cooked real food, and look forward to furthering our purpose to cultivate a better world in this new territory.”
What This Means For CMG Stock
If the company’s early expansion plans go over well, it could result in it opening even more locations in the Middle East. Investors are likely hopeful for this as it would serve as a new source of revenue for the Mexican food chain.
CMG stock is up slightly on Tuesday morning alongside the expansion news.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
