PepsiCo is joining forces with Beyond Meat to develop new snacks and drinks made from plant-based proteins.
By Dee-Ann Durbin
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, the largest of its size outside of the restaurant industry for Beyond Meat, sent its shares to their largest single-day gain since they began trading, jumping by more than $50 each to $209.17.
Pepsi gets access to one of the leading plant-based meat companies as more people try to cut down on meat consumption and become more aware of how their food choices affect the environment.
Beyond Meat gets access to Pepsi’s colossal distribution system and broad product line. Pepsi, in addition to drinks, makes Fritos, Cheetos, and Tostitos, as well as Matador beef jerky.
Beyond Meat, which was founded in 2009, makes burgers and sausages from pea protein.
Financial terms of the deal weren’t released. The joint venture will be managed through a new entity called The Planet Partnership.
For decades, it’s been a trope: you can find a Starbucks on every corner. But proximity is no guarantee of long-term success, even in the coffee industry.
Tesla is being investigated for allegedly misleading investors about its self-driving capabilities. And one analyst says the company 'needs' that tech to grow.
Apple’s latest event promised to usher in a new era for the company’s iPads, but what’s missing is cohesion as it gets closer to the developers conference.
