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PepsiCo goes Beyond Meat in new partnership - Medicine Hat NewsMedicine Hat News
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Beyond Meat Soars On Plant-Based Protein Joint Venture With Pepsi
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AP
PepsiCo and Beyond Meat are creating a joint venture to develop snacks and drinks made from plant-based proteins.
The companies didn’t reveal what kinds of products they will make Tuesday, saying they’re still in development.
But the collaboration sent Beyond Meat’s shares to their largest single-day gain since they began trading in 2019, jumping by more than $62 each to $221. Pepsi’s shares remained flat.
The joint venture gives Pepsi access to one of the leading plant-based meat companies at a time when consumers are increasingly cutting back on meat consumption and looking for healthier, more sustainable foods. Beyond Meat’s burgers, sausages and chicken, which are made from pea protein, are sold worldwide, including at Starbucks in China and Pizza Hut in the U.S.
Managing Editor
PepsiCo is forming a joint venture with Beyond Meat to take on the growing plant-based food market.
The two companies’ initiative, known as The PLANeT Partnership, will develop, produce and market plant-based protein snacks and beverages.
Financial terms of the partnership were not disclosed, nor were product details or timeline.
The companies will leverage Beyond Meat’s product development and PepsiCo s marketing and commercial scale. Ram Krishnan, PepsiCo global chief commercial officer, said in a statement that plant-based proteins represent a growth opportunity for the No. 3 consumer goods company, as well as a new step in its efforts to build a more sustainable food system.
Is December a good month for buying PepsiCo shares?
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