Beyond Meat (BYND) – Request report Shares shot to a six-month high on Tuesday after the plant-based food group reached a partnership agreement with PepsiCo. (FUT) – Request report to produce and market a new line of snacks.
The two companies agreed to form the PLANeT Partnership LLC, a joint venture that will leverage PepsiCo’s marketing with Beyond Meat’s plant-based food production technology. Financial terms for the agreement have not been disclosed.
“We are delighted to formally join forces with PepsiCo in The PLANeT Partnership, a joint venture that combines the tremendous depth and breadth of their distribution and marketing capabilities with our industry-leading plant protein innovation. We look forward to working together. new categories and product lines that will inspire positive choices for both people and the planet, ”said Beyond Meat CEO Ethan Brown.“ PepsiCo represents the ideal partner for us in this exciting venture, one of global reach and importance. ”
Beyond Meat shares were up 36% in pre-market trading Tuesday to mark an opening price of $ 215.80, the highest since July 31. PepsiCo shares, meanwhile, were up 1.2% to $ 141.85 each.
Earlier this month, Yum! Brands (YUM) – Request report said the Taco Bell division is exploring a partnership with Beyond Meat for a new plant-based product to be tested next year. Late last year, Pizza Hut said it partnered with Beyond Meat to offer two plant-based pizzas for a limited time.
“Plant proteins represent an exciting growth opportunity for us, a new frontier in our efforts to build a more sustainable food system and be a positive force for people and the planet, while meeting consumer demand for a comprehensive portfolio of more nutritious products, ”said Ram Krishnan, PepsiCo’s Chief Commercial Officer.
“Beyond Meat is a breakthrough innovator in this fast-growing category and we look forward to combining their unparalleled expertise with our world-class capabilities in brand building, consumer insights and distribution to bring exciting new options,” he added.