PepsiCo’s (NASDAQ: PEP) joint venture with Beyond Meat, aims to release new plant-based snacks and drinks by early 2022
Sep 16, 2021 By MarketDepth
“This is only the beginning of what I think is going to be a game-changing JV.”Pepsi Chief Executive Ramon Laguarta
The companies announced the joint venture, named The PLANeT Partnership, at the beginning of the year. The collaboration gives Beyond Meat exposure and the chance to learn from Pepsi’s marketing expertise. Pepsi on the other hand, has the opportunity to explore more plant-based categories, which are becoming increasingly popular, while working with one of the best in that industry.
Help With Sustainability
Furthermore, the partnership also help’s Pepsi with its sustainability and health goals for its portfolio. Pepsi strives to change its operations by reducing emissions, using more sustainable packaging and incorporating more environmentally friendly food products in an effort to fight climate change.
New Initiative Pep+
On Wednesday, Pepsi launched its new initiative named “Pep+” which is meant to make sustainability a focal point when it comes to how the company plans to create growth and value.
“Pep+ is the future of our company – a fundamental transformation of what we do and how we do it to create growth and shared value with sustainability and human capital at the center. It reflects a new business reality, where consumers are becoming more interested in the future of the planet and society.”Pepsi Chief Executive Ramon Laguarta
Pepsi shares were up under 1 % at closing on Wednesday. The stock has risen 5% throughout the year and has a current market cap of USD213.17 Billion.