Sure, a duckling and a puppy make for unlikely friends, but have you heard of PepsiCo (PEP) and Beyond Meat’s (BYND) new relationship?
That’s right, PepsiCo and Beyond Meat are joining forces to create a series of plant-based products under a joint venture named PLANeT Partnership. The two companies will reportedly collaborate on an array of new snacks and drinks, although the juicy details of the deal weren’t announced.
Beyond Meat recently saw its stock plunge after its recent partnership with McDonald’s (MCD) went sour. They had collaborated on the McPlant, a plant-based alternative to their meat burgers, but news pointed to a fall-out, prompting its share price to drop. This new relationship with PepsiCo seems to have the maket’s approval, as Beyond Meat’s shares closed around 18% higher on Tuesday.