Beyond meat (BYND) – Get the report shares rose to a six-month high on Tuesday after the plant food group reached a partnership agreement with PepsiCo. (PEP) – Get the report to produce and market a new line of snacks.
The two companies agreed to form PLANeT Partnership LLC, a joint venture that will leverage PepsiCo’s commercialization with Beyond Meat’s plant-based food production technology. The financial terms of the agreement were not disclosed.
“We are delighted to formally join forces with PepsiCo in The PLANeT Partnership, a joint venture that combines the great depth and breadth of its distribution and marketing capabilities with our leading vegetable protein innovation. We look forward to unlocking new categories and lines together. products that will inspire positive decisions for both people and the planet, ”said Ethan Brown, CEO of Beyond Meat. “PepsiCo represents the ideal partner for us in this exciting endeavor, of global scope and importance.”
Shares of Beyond Meat rose 30.3% more early in trading on Tuesday, to change hands at $ 207.65 each, the highest since July 31.
Earlier this month, Yum! Brands (YES) – Get the report said its Taco Bell division is exploring a partnership with Beyond Meat for a new vegetable product to be tested next year. Late last year, Pizza Hut said it partnered with Beyond Meat to offer two herbal meat pizzas for a limited time.
“Vegetable 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. an expanded portfolio of more nutritious products, ”said Ram Krishnan, PepsiCo’s commercial director.
“Beyond Meat is a cutting-edge innovator in this rapidly growing category and we look forward to combining its unparalleled experience with our world-class capabilities in branding, consumer perception and distribution to deliver exciting new options,” he add.