Beyond Meat (NASDAQ: BYND) and PepsiCo (NASDAQ: PEP) shares are rising pre-market on Tuesday after the companies announced a joint venture to develop produce and market snack and beverage products made from plant-based protein.
The venture will utilise Beyond Meat’s technology in plant-based protein and Pepsi’s marketing and commercial capabilities to create new snack and beverage options. There were no financial details disclosed.
Beyond Meat’s share price has gained over 24% pre-market, trading at $197.58, while PepsiCo shares are up 0.94% at $141.50.
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The deal sees Pepsi act on its long-standing effort to further build sustainable food products and expand its portfolio.
“Plant-based proteins represent an exciting growth opportunity for us, a new frontier in our efforts 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 founder and CEO, Ethan Brown said: “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.”