PepsiCo, one of the world’s largest soft drink producers, has teamed up with Beyond Meat, a leading artificial meat company, CNBC writes. The firms have formed a joint venture to specialize in plant-based food and beverages.
The new company was named The PLANeT Partnership. Terms of the deal and the partners’ shares were not disclosed. Both sides expect to use the experience gained in their respective industries. Currently, Beyond Meat controls about 13 percent of the global artificial meat market.
PepsiCo hopes to achieve its own sustainability goals faster. One of them involves reducing harmful emissions. Last year the company signed a corresponding agreement with the UN.
The beverage maker is already striving to reduce sugar content and is expanding its product line to include healthier drinks and foods.
After the announcement of the upcoming deal, the shares of both companies rose in value: PepsiCo – by one percent, Beyond Meat – by 16 percent. Both companies recorded sales growth last year despite the coronavirus pandemic.