Beyond Meat concludes joint venture with PepsiCo and shares outbreak

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Beyond meat (BYND) – Get the report Shares hit a six-month high on Tuesday after the plant-based food group struck a partnership deal with PepsiCo. (DYNAMISM) – Get the report to produce and market a new range of snacks.

The two companies have agreed to form PLANeT Partnership LLC, a joint venture that will leverage PepsiCo’s marketing with Beyond Meat’s plant-based food production technology. Financial terms of the deal were not disclosed.

“We are delighted to formally partner with PepsiCo as part of the PLANeT partnership, a joint venture that unites the depth and breadth of their distribution and marketing capabilities with our cutting-edge innovation in plant protein. We look forward to unblocking new categories and product lines together that will inspire positive choices for both people and the planet, ”said Ethan Brown, CEO of Beyond Meat. “PepsiCo is the perfect partner for us in this exciting company of global reach and importance.”

Shares of Beyond Meat were marked 36% higher on the pre-trade on Tuesday to indicate an opening price of $ 215.80 each, the highest since July 31. PepsiCo shares, meanwhile, rose 1.2% to $ 141.85 each.

Earlier this month, Yum! Brands (YUM) – 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 had partnered with Beyond Meat to offer two pizzas made with plant-based meat for a limited time.

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