PepsiCo proposes in early 2022 to launch products of the joint venture with Beyond Meat

PepsiCo expects to launch new vegetable snacks and beverages made through its joint venture with Beyond Meat in early 2022.

“This is just the beginning of what I think will be a JV that will change the game,” Ramon Laguarta, CEO of Pepsi, told CNBC’s Sara Eisen.

Pepsi and Beyond announced the joint venture, called The PLANeT Partnership, in January. The association gives Beyond, a newcomer to the food world, the opportunity to take advantage of Pepsi’s experience in the production and marketing of new products. For its part, Pepsi can delve into investment in increasingly popular plant categories, while working with one of the leading creators of meat substitutes. It also helps Pepsi achieve its sustainability and health goals for its portfolio.

Earlier Wednesday, Pepsi announced a new initiative called “Pep +” that aims to change the company’s operations, with sustainability at its core. The food and beverage giant’s goals are to reduce its use of plastic, speed up plans to reduce sodium and added sugars to its products, and spread regenerative farming practices. Pepsi also said it incorporates more diverse ingredients, especially chickpeas, vegetable protein and whole grains, that could enter Pepsi’s portfolio of chips.

Sustainability also influences Pepsi’s return to office plans. Laguarta said the company follows a more flexible model, with corporate employees returning to office buildings just a few days a week or a month.

“Don’t come to the office to make phone calls or write emails,” he told CNBC’s “Closing Bell”. “This is a loss. This means a lot of travel, a waste of personal time, unnecessary pollution.”

Shares of Pepsi closed below 1% on Wednesday. Shares have risen 5% this year, giving it a market value of $ 216 billion. Shares of Beyond Meat closed down less than 1%, bringing the company’s market value to $ 7 billion. Shares of Beyond have fallen 11% this year.