The new company was named The PLANeT Partnership. Reported by CNBC.
Both sides expect to use the experience gained in their respective industries. PepsiCo is trying to reduce sugar content and expand its product line with healthier drinks and foods. Beyond Meat controls about 13% of the global artificial meat market.
Terms of the deal and partners' shares were not disclosed. After the announcement of the upcoming deal, the shares of both companies rose in price: PepsiCo - by 1%, Beyond Meat - by 31%.