Courtesy of ZeroHedge
Is Melvin Capital also short Beyond Meat?That was the first thought that went through everyone's head when BYND stock soared by almost 20%, surging from $160 to $190 in seconds moments ago. And while the jury is out on Melvin (no puts, but Plotkin could well have some BYND shorts), the reason why Beyond Meat exploded to levels not seen since its abysmal Q3 earnings, is that the company announced a joint venture with PepsiCo called the "PLANeT Partnership" which will "develop, produce and market innovative snack and beverage products made from plant-based protein."To all those hedge funds short BYND, our condolences.
We suspect this move is far from over, given BYND's elevated short interest…
Presumably this means humans in the future won't be eating insects, despite the World Economic Forum's fondest wishes.
The full press release is below:
PepsiCo and Beyond Meat® Establish The PLANeT Partnership, LLC, a Joint Venture to Introduce New Plant-Based Protein Offerings
- Partnership advances PepsiCo's commitments to expand its portfolio of positive choices for consumers and for the planet
- The venture will allow Beyond Meat to reach more consumers by entering new product categories and distribution channels
PURCHASE, N.Y. and EL SEGUNDO, Calif., Jan. 26, 2021 /PRNewswire/ -- PepsiCo, Inc. (NASDAQ: PEP) and Beyond Meat, Inc. (NASDAQ: BYND) today announced they will form The PLANeT Partnership, LLC (TPP), a joint venture to develop, produce and market innovative snack and beverage products made from plant-based protein. The joint venture will leverage Beyond Meat's leading technology in plant-based protein development and PepsiCo's world-class marketing and commercial capabilities to create and scale new snack and beverage options. Financial terms of the partnership were not disclosed. Joint venture operations will be managed through the newly created entity The PLANeT Partnership, LLC (TPP).
"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 is a cutting-edge innovator in this rapidly growing category, and we look forward to combining their unparalleled expertise with our world-class capabilities in brand-building, consumer insights and distribution to deliver exciting new options."
"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. We look forward to together unlocking new categories and product lines that will inspire positive choices for both people and planet," said Ethan Brown, Beyond Meat Founder and CEO. "PepsiCo represents the ideal partner for us in this exciting endeavor, one of global reach and importance."
The new joint venture follows longstanding efforts by PepsiCo to help build a more sustainable food system. Among the key pillars of that effort are using positive ingredients; expanding the company's portfolio of products that have been grown and made sustainably, through tools and techniques like regenerative agriculture and net water- and carbon-neutral production plants; and making it easier for consumers focused on health and wellness to consume products on the go through innovations such as LAY'S oven baked chips (now in 23 markets around the world), Sabra Snack Cups, Alvalle ready-to-drink gazpacho, Quaker Breakfast flats, and Gatorade Juiced. In addition to organic innovation, the company has also made strategic acquisitions in this space, including companies such as Bare Snacks (maker of baked fruit and veggie chips), BFY Brands (maker of PopCorners snacks), and SodaStream, the world's leading sparkling water brand.
Beyond Meat shares PepsiCo's passion for creating products that are good for both people and the planet, using simple, plant-based ingredients with no GMOs or bioengineered ingredients. The company believes there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our environment.