Beyond Meat spikes 39% after it forms partnership with Pepsi to develop plant-based snacks
- Beyond Meat spiked as much as 39% on Tuesday after it announced a partnership with Pepsi.
- The two companies will work together to develop plant-based snacks and beverages.
- Financial terms of the partnership were not disclosed.
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Shares of Beyond Meat spiked as much as 39% on Tuesday after the alternative meat company formed a partnership with Pepsi to develop plant-based snacks and beverages.
The two food companies will form The PLANeT Partnership, a joint venture focused on developing, producing, and marketing innovative snack and beverage products made from plant-based proteins.
"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.
Financial terms of the partnership were not disclosed.
Shares of Beyond Meat were up 77% year-to-date at Tuesday's intra-day highs and hit levels not seen since July of 2019. Shares of Pepsi traded slightly up 0.35%.
