PepsiCo, Inc. and Beyond Meat Inc. announced yesterday their plans to form a joint venture called The PLANeT Partnership, LLC, to create new plant-based snacks and beverages. Following the release of the information, Beyond Meat’s share price rose sharply. Financial terms of the partnership were not disclosed.
“We are thrilled to join forces with PepsiCo in The PLANeT Partnership, a joint venture that combines the tremendous depth and breadth of their sales and marketing capabilities with our leading innovation in plant-based proteins. We look forward to working together to open up new categories and product lines that will inspire positive choices for people and the planet,” said Ethan Brown, Founder and CEO of Beyond Meat.
“PepsiCo is the ideal partner for us in this exciting venture that is global in scope and significance.”
PepsiCo states that the move is part of what it claims is its “long-standing efforts to create a more sustainable food system”. The company says it is using positive ingredients and expanding its portfolo of sustainably created foods.
“Plant-based proteins represent an exciting growth opportunity for us, a new target in our quest 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,” said Ram Krishnan, PepsiCo Global Chief Commercial Officer.
“Beyond Meat is a pioneering 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 deliver exciting new options.”