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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 Photos

PepsiCo is hoping to launch new plant-based snacks and drinks made by its three way partnership with Beyond Meat by early 2022.

“That is solely the start of what I believe goes to be a game-changing JV,” Pepsi CEO Ramon Laguarta informed CNBC’s Sara Eisen.

Pepsi and Past introduced the three way partnership, called The PLANeT Partnership, in January. The partnership provides Past, a relative newcomer to the meals world, an opportunity to leverage Pepsi’s manufacturing and advertising and marketing experience for brand new merchandise. 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 vary the corporate’s operations, with sustainability as the point of interest. The meals and beverage big’s objectives embrace slashing its plastic use, accelerating plans to cut back sodium and added sugars in its merchandise and spreading regenerative agricultural practices. Pepsi additionally stated it’s incorporating extra numerous elements, notably chickpeas, plant-based proteins and entire grains, which might make their method into Pepsi’s potato chip portfolio.

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

“Do not come to the workplace to make telephone calls or write emails,” he stated on CNBC’s “Closing Bell.” “That is a waste. That is numerous commute, a waste of non-public time, pointless air 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. Past Meat shares closed up lower than 1%, bringing the corporate’s market worth to $7 billion. Past’s inventory has tumbled 11% this yr.

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