Beyond Meat To Form Plant-Based Food JV With PepsiCo; Shares Surge

(RTTNews) - Shares of Beyond Meat Inc. (BYND) surged more than 31.73 percent in Tuesday regular trading after the plant-based food group reached a partnership deal with PepsiCo Inc. (PEP). Financial terms of the partnership were not disclosed.

The companies said that they will form The PLANeT Partnership LLC, a joint venture to develop, produce and market snack and beverage products made from plant-based protein. The joint venture will leverage Beyond Meat's technology in plant-based protein development and PepsiCo's marketing and commercial capabilities to create and scale new snack and beverage options.

The joint venture operations will be managed through the newly created entity The PLANeT Partnership LLC.

In Tuesday pre-market trade, BYND was trading at $209.09 up $50.36 or 31.73 percent.