Beyond Meat (NASDAQ:BYND) stock is heating up on Tuesday after announcing a new partnership with PepsiCo (NASDAQ:PEP).
The partnership between the two companies is a joint venture under the name The PLANeT Partnership, LLC. This will have them working together to “develop, produce and market innovative snack and beverage products made from plant-based protein.”
Beyond Meat will be handling much of the development when it comes to the joint venture. After that, PepsiCo will handle the creation of the products, as well as commercializing them with its larger reach.
The new joint venture with Beyond Meat matches up with PepsiCo’s recent trend of expanding its healthy snack and beverage options. That includes its acquisitions of Bare Snacks, BFY Brands, and SodaStream. This also aligns with its efforts to focus on a more sustainable food source.
Ethan Brown, founder and CEO of BYND, said this about the news boosting its stock up today.
“We are thrilled to formally join forces with PepsiCo in The PLANeT Partnership, a joint venture that unites the tremendous depth and breadth of their distribution and marketing capabilities with our leading innovation in plant-based protein. We look forward to together unlocking new categories and product lines that will inspire positive choices for both people and planet.”
Beyond Meat and PepsiCo didn’t reveal financial details concerning the new The PLANeT Partnership, LLC joint venture.
BYND stock was up 28.9% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
