PepsiCo, the planetary purveyor of sugary drinks, greasy chips, and (weirdly) oatmeal, hummus, and gazpacho(?) is partnering with Beyond Meat, the publicly traded plant-based protein provider, on a poorly named joint venture to hawk new plant-based food and beverages to consumers.
The PLANeT Partnership (which was clearly branded by the same genius behind the comic sans font), will combine Beyond Meat's skills with protein prestidigitation and PepsiCo's marketing and manufacturing savvy to flood the global market with new snacks and drinks, the two companies said.
Neither company disclosed any financial terms and other pesky details around who, what, where, and when, except to say that the the joint venture operations will be managed through the newly created PLANeT Partnership.
(If the companies put as much effort into running the business as they did with naming and branding it, Impossible Foods shouldn't have much to worry about.... The capitalization and branding of this thing is an affront to the English language is all I'm saying.)
“Plant-based proteins represent an exciting growth opportunity for us, a new frontier in our efforts to build a more sustainable food system and be a positive force for people and the planet, while meeting consumer demand for an expanded portfolio of more nutritious products,” said Ram Krishnan, PepsiCo Global Chief Commercial Officer, in a statement.
In the announcement touting the new JV, PepsiCo referred to its storied history of snack innovation including baked LAY'S chips, Sabra Snack Cups, Alvalle ready-to-drink gazpacho, Quaker Breakfast flats and Gatorade Juiced.
The company has also acquired BFY Brands, which makes PopCorners; SodaStream, which makes... well... SodaStreams... and BareSnacks, which makes baked fruit and vegetable chips.
The deal is the latest really really big partnership for Beyond Meat and follows an oddly botched announcement with McDonald's that the two companies would be collaborating on new menu items.