PepsiCo, Beyond Meat join forces on plant-based protein products

Tuesday, 26. January 2021 14:40

PepsiCo and Beyond Meat announced on Tuesday they agreed to form a joint venture called The PLANeT Partnership, LLC (TPP) in order to develop snack and beverage products made from plant-based protein.

"Plant-based 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 an expanded portfolio of more nutritious products," PepsiCo CEO Ram Krishnan stated. The firms noted the joint venture will use "Beyond Meat's leading technology in plant-based protein development and PepsiCo's world-class marketing and commercial capabilities" to create vegetarian snacks and drinks.

The financial terms of the deal were not disclosed.

Beyond Meat soared over 20% in premarket trading following the announcement, while PepsiCo shares gained 0.98%.

Related Links: Beyond Meat Inc.PepsiCo Inc.
Author:
Breaking the News / NP