Beyond Meat agrees to a joint venture with PepsiCo, and shares increase
Beyond the meat (BYND) – Get a report Stocks soared to a six-month high on Tuesday after the vegan food group reached a partnership agreement with PepsiCo. (PEP) – Get a report To produce and market a new line of snacks.
The two companies have agreed to form PLANeT Partnership LLC, a joint venture that will boost PepsiCo’s marketing using Beyond Meat’s plant-based food production technology. The financial terms of the arrangement were not disclosed.
“We are delighted to formally join PepsiCo at The PLANeT Partnership, a joint venture that unites tremendous depth, distribution and marketing capabilities with our groundbreaking innovations in plant protein. Together, we look to open new categories.” Beyond Meat CEO Ethan Brown said the product lines that will inspire choices Positive for both people and the planet. “PepsiCo is our ideal partner in this exciting endeavor, which spans global scale and significance.”
Beyond Meat shares posted a 36% gain in pre-market trading on Tuesday to indicate an opening bell price of $ 215.80 per share, the highest since July 31. Meanwhile, PepsiCo shares rose 1.2% to $ 141.85 per share.
Earlier this month, Yum! Trademarks (Yum) – Get a report He said his Taco Bell division is exploring a partnership with Beyond Meat for a new vegan product that will be tested next year. Late last year, Pizza Hut said it had partnered with Beyond Meat to offer two vegetarian pizzas from meat for a limited time.
“Plant proteins represent an exciting growth opportunity for us, and it is a new frontier in our efforts to build a more sustainable diet and be a positive force for people and the planet, while satisfying consumer demand for an expanded range of nutritious products,” said Ram Krishnan, PepsiCo’s chief commercial officer.
“Beyond Mate” is a cutting-edge innovator in this fast-growing segment, and we look forward to combining their unparalleled expertise with our world-class brand building capabilities, consumer insights and distribution to provide exciting new options. ”
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