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 have agreed to form PLANeT Partnership LLC, a joint venture that will leverage PepsiCo’s marketing with Beyond Meat herbal food production technology. The financial conditions for the agreement were not disclosed.
“We are excited to formally join forces with PepsiCo in the PLANeT Partnership, a joint venture that combines the immense depth and breadth of their distribution and marketing capabilities with our leading innovation in plant-based proteins. We look forward to unlocking new categories and product lines that will inspire positive choices for both people and the planet, “said Ethan Brown, CEO of Beyond Meat.” PepsiCo is the ideal partner for us in this exciting, groundbreaking effort. coverage and global importance. ”
Beyond Meat shares were 36% higher on Tuesday in pre-market trading, indicating a bell opening price of $ 215.80 each, the highest since July 31. Meanwhile, PepsiCo shares rose 1.2% to $ 141.85 each.
Earlier this month, Yum! trademarks (YES) – Get the report said its Taco Bell division is exploring a partnership with Beyond Meat for a new herbal product that will be tested next year. Late last year, Pizza Hut said it partnered with Beyond Meat to offer two herbal pizzas for a limited time.
“Herbal proteins are an interesting growth opportunity for us, a new frontier in our efforts to build a more sustainable food system and be a positive force for humans and the planet, while meeting consumer demand for a portfolio. expanded by more nutritious products, “said Ram Krishnan, PepsiCo’s commercial director.
“Beyond Meat is a state-of-the-art innovator in this fast-growing category and we look forward to combining their unparalleled expertise with our world-class branding, consumer information and distribution capabilities to provide exciting new options,” he said. he added.