OAK BROOK, Ill. – McDonald's Corp. announced it will phase out its Angus beef burgers and snack wraps from its menu.

The company said in March it was reconsidering its Angus Third Pounder offering, McDonald's first premium burger since the Big N' Tasty. At the same time, the company announced it was cutting Chicken Selects and other items from its menu.

The move comes as the Oak Brook, Ill.-based chain is attempting to make room for new products and play up its value menu offerings. The company introduced a grilled onion cheddar burger and has been testing chicken wings. The Angus burgers were some of the most expensive offerings at $4 to $5. McDonald's and other foodservice operators are trying to offset the higher cost of beef by promoting chicken-based products. In March, the company added three varieties of chicken McWraps to its core menu. The wrap was initially introduced in Europe.

McDonald's is working to boost product innovation amid competition from rivals such as Burger King Worldwide and Wendy's Co. The company by its own admission suffered a “stall” in innovation within the United States in 2012. Don Thompson, president and CEO, said McDonald's plans to avoid a similar fate in 2013 with more product introductions.