PepsiCo (PEP) - Get PepsiCo, Inc. Report and Beyond Meat (BYND) - Get Beyond Meat, Inc. Report established the PLANeT Partnership, which is a joint venture between the two companies to introduce new plant-based offerings.
"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 PepsiCo's chief commercial officer Ram Krishnan.
"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 Beyond Meat CEO Ethan Brown. "PepsiCo represents the ideal partner for us in this exciting endeavor, one of global reach and importance."