Beyond Meat Stock Soars on PepsiCo Venture to Develop Plant-Based Foods
- Terms of JV, dubbed PLANeT Partnership, were not disclosed
- Beyond brings protein tech while PepsiCo offers marketing heft
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Beyond Meat Inc. shares soared after the maker of alternative meat, whose growth model has long relied on high-profile partnerships, said it would team up with one of its biggest collaborators yet: PepsiCo Inc.
The two companies are forming a joint venture focused on creating, producing and marketing new plant-based snacks and drinks, according to a press release Tuesday. Terms of the venture, dubbed The PLANeT Partnership LLC, weren’t disclosed.