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.[1]
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.
About PepsiCo
PepsiCo products are enjoyed by
consumers more than one billion times a day in more than 200
countries and territories around the world. PepsiCo generated more
than $67 billion in net revenue in
2019, driven by a complementary food and beverage portfolio that
includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana.
PepsiCo's product portfolio includes a wide range of enjoyable
foods and beverages, including 23 brands that generate more than
$1 billion each in estimated annual
retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in
Convenient Foods and Beverages by Winning with Purpose. "Winning
with Purpose" reflects our ambition to win sustainably in the
marketplace and embed purpose into all aspects of the
business. For more information, visit www.pepsico.com.
About Beyond Meat
Beyond Meat, Inc. (NASDAQ: BYND) is
one of the fastest growing food companies in the United States, offering a portfolio of
revolutionary plant-based meats made from simple ingredients
without GMOs, bioengineered ingredients, hormones, antibiotics, or
cholesterol. Founded in 2009, Beyond Meat products are designed to
have the same taste and texture as animal-based meat while being
better for people and the planet. Beyond Meat's brand commitment,
Eat What You Love™, represents a strong belief that 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 planet. By shifting from animal-based
meat to plant-based meat, we can positively impact four growing
global issues: human health, climate change, constraints on natural
resources and animal welfare. As of September 26, 2020, Beyond Meat had products
available at approximately 122,000 retail and foodservice outlets
in over 80 countries worldwide. Visit www.BeyondMeat.com and follow
@BeyondMeat, #BeyondBurger and #GoBeyond on Facebook, Instagram and
Twitter and @BeyondMeatOfficial on TikTok.
PepsiCo Cautionary Statement
This release contains
statements reflecting our views about our future performance that
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are generally identified through the inclusion of words
such as "aim," "anticipate," "believe," "drive," "estimate,"
"expect," "goal," "intend," "may," "plan," "project," "strategy,"
"target" and "will" or similar statements or variations of such
terms and other similar expressions. Forward-looking statements
inherently involve risks and uncertainties that could cause actual
results to differ materially from those predicted in such
statements, including the impact of the spread of COVID-19; future
changes in demand for PepsiCo's products, as a result of changes in
consumer preferences or otherwise; changes in laws related to the
use or disposal of plastics or other packaging of PepsiCo's
products; changes in, or failure to comply with, applicable laws
and regulations; imposition or proposed imposition of new or
increased taxes aimed at PepsiCo's products; imposition of labeling
or warning requirements on PepsiCo's products; PepsiCo's ability to
compete effectively; political conditions, civil unrest or other
developments and risks in the markets where PepsiCo's products are
made, manufactured, distributed or sold; the ability to protect
information systems against, or effectively respond to, a
cybersecurity incident or other disruption; increased costs,
disruption of supply or shortages of raw materials and other
supplies; water scarcity; business disruptions; damage to PepsiCo's
reputation or brand image; failure to successfully complete,
integrate or manage acquisitions and joint ventures into PepsiCo's
existing operations or to complete or manage divestitures or
refranchisings; loss of, or a significant reduction in sales to,
any key customer; disruption to the retail landscape, including
rapid growth in the e-commerce channel and hard discounters;
climate change, or legal, regulatory or market measures to address
climate change; and other factors that may adversely affect the
price of PepsiCo's publicly traded securities and financial
performance. For additional information on these and other factors
that could cause PepsiCo's actual results to materially differ from
those set forth herein, please see PepsiCo's filings with the
Securities and Exchange Commission, including its most recent
annual report on Form 10-K and subsequent reports on Forms 10-Q and
8-K. Investors are cautioned not to place undue reliance on any
such forward-looking statements, which speak only as of the date
they are made. PepsiCo undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Beyond Meat Forward-Looking Statements
Certain
statements in this release constitute "forward-looking statements."
These statements are based on management's current opinions,
expectations, beliefs, plans, objectives, assumptions or
projections regarding future events or future results. These
forward-looking statements are only predictions, not historical
fact, and involve certain risks and uncertainties, as well as
assumptions. Actual results, levels of activity, performance,
achievements and events could differ materially from those stated,
anticipated or implied by such forward-looking statements. While
Beyond Meat believes that its assumptions are reasonable, it is
very difficult to predict the impact of known factors, and, of
course, it is impossible to anticipate all factors that could
affect actual results. There are many risks and uncertainties that
could cause actual results to differ materially from
forward-looking statements made herein including, most prominently,
the risks discussed under the heading "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2019 filed with the U.S.
Securities and Exchange Commission ("SEC") on March 19, 2020, and the Company's Quarterly
Report on Form 10-Q for the quarter ended September 26, 2020 filed with the SEC on
November 9, 2020, as well as other
factors described from time to time in Beyond Meat's filings with
the SEC. Such forward-looking statements are made only as of the
date of this release. Beyond Meat undertakes no obligation to
publicly update or revise any forward-looking statement because of
new information, future events or otherwise, except as otherwise
required by law. If we do update one or more forward-looking
statements, no inference should be made that we will make
additional updates with respect to those or other forward-looking
statements.
Media Contacts
Carrie Ratner (PepsiCo)
carrie.ratner@pepsico.com
Shira Zackai (Beyond Meat)
szackai@beyondmeat.com
1 Total global volumes taken from
GlobalData's Global Packaged Water Report 2018,
compared with SodaStream company information.
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SOURCE PepsiCo; Beyond Meat