PepsiCo targets early 2022 to roll out products from joint venture with Beyond Meat

Ramon Laguarta, chief govt officer of PepsiCo Inc., stands for {a photograph} earlier than a closing bell ceremony at a Nasdaq Inc. distant location in Atlanta, Georgia, on Friday, Feb. 1, 2019.

Elijah Nouvelage | Bloomberg | Getty Images

PepsiCo is hoping to launch new plant-based snacks and drinks made via its joint venture with Beyond Meat by early 2022.

“This is only the beginning of what I think is going to be a game-changing JV,” Pepsi CEO Ramon Laguarta instructed CNBC’s Sara Eisen.

Pepsi and Beyond introduced the joint venture, called The PLANeT Partnership, in January. The partnership offers Beyond, a relative newcomer to the meals world, an opportunity to leverage Pepsi’s manufacturing and advertising experience for brand new products. For its half, Pepsi can deepen its funding in plant-based classes — that are rising more and more crowded — whereas working with one of many high creators of meat substitutes. It additionally helps Pepsi work towards its sustainability and well being objectives for its portfolio.

Earlier on Wednesday, Pepsi introduced a brand new initiative referred to as “Pep+” that’s meant to change the corporate’s operations, with sustainability as the point of interest. The meals and beverage large’s objectives embody slashing its plastic use, accelerating plans to scale back sodium and added sugars in its products and spreading regenerative agricultural practices. Pepsi additionally mentioned it’s incorporating extra various elements, significantly chickpeas, plant-based proteins and entire grains, which might make their approach into Pepsi’s potato chip portfolio.

Sustainability can also be influencing Pepsi’s return to workplace plans. Laguarta mentioned the corporate is following a extra versatile mannequin, with company staff returning to workplace buildings just some days every week or month.

“Don’t come to the office to make phone calls or write emails,” he mentioned on CNBC’s “Closing Bell.” “That’s a waste. That’s a lot of commute, a waste of personal time, unnecessary pollution.”

Shares of Pepsi closed up lower than 1% on Wednesday. The inventory has risen 5% this yr, giving it a market worth of $216 billion. Beyond Meat shares closed up lower than 1%, bringing the corporate’s market worth to $7 billion. Beyond’s inventory has tumbled 11% this yr.

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