PepsiCo targets early 2022 to roll out products from joint venture with Beyond Meat
Ramon Laguarta, chief executive officer of PepsiCo Inc., stands for a photograph before a closing bell ceremony at a Nasdaq Inc. remote location in Atlanta, Georgia, on Friday, Feb. 1, 2019.
Getty Images hopes to launch new plant-based snacks or drinks through its joint venture by the early 2022.| Bloomberg | Getty Images
“This is only the beginning of what I think is going to be a game-changing JV,” Pepsi CEO Ramon Laguarta told CNBC’s Sara Eisen.
Pepsi and Beyond announced the joint venture, called The PLANeT Partnership, in January. Beyond, who is relatively new to the world of food, will have an opportunity to benefit from Pepsi’s marketing and production expertise to create new products. For its part, Pepsi can deepen its investment in plant-based categories — which are growing increasingly crowded — while working with one of the top creators of meat substitutes. This also assists Pepsi in achieving its sustainability goals and improving its health.
Pepsi had earlier announced “Pep+”, a new initiative that aims to transform the company’s operations with sustainability at its core. Pepsi’s objectives include cutting down on plastic consumption, increasing plans to lower sodium and sugars and spreading regenerative agriculture practices. Pepsi stated that they are incorporating more different ingredients, including chickpeas as well as plant-based proteins, whole grains and protein. This could eventually make its potato chip range.
Pepsi also plans on returning to the office in a sustainable manner. Laguarta stated that the company follows a flexible approach, where corporate workers return to their offices only a few times per week or month.
“Don’t come to the office to make phone calls or write emails,” he said on CNBC’s “Closing Bell.” It’s wasteful. It’s too much commute and a wasteful of time.
Pepsi stock closed lower than 1% Wednesday. This year’s share price has increased 5%, giving the stock a market worth $216 billion. Beyond Meat’s shares rose less than 1 percent, which brought the company’s total market value up to $7 billion. Beyond stock fell 11% in this year.