Beyond Meat shares up 36%
- 3478
- 1 min.
- 12 connections
Plant-based meat company shares rise
Vegetarian food is increasingly taking over the world, and with it the stock market: shares in plant-based meat producer Beyond Meat (NASDAQ:BYND) soared more than 36% at the opening of trading in New York on news that the company will form a joint venture with PepsiCo (NASDAQ:PEP) to produce plant-based protein snacks and drinks.
This is all the more impressive as Beyond Meat's latest report showed a loss as demand for its products in restaurants and grocery shops declined after an initial spike at the start of the COVID-19 pandemic.
According to Beyond Meat's CEO Ethan Brown cited by Reuters, the new partnership will give the artificial meat maker access to PepsiCo's distribution and marketing resources and allow it to launch new production lines.
For its part, PepsiCo, which owns the Lay's, Quaker and Gatorade brands in addition to its eponymous soda, is also looking to expand its portfolio of snacks and beverages focused on a healthier lifestyle.
Financial terms of the partnership have not been disclosed and the operations will be managed through a newly created organisation, The Planet Partnership.
"Today is a landmark day on our journey towards a more sustainable food system", the company said on its official Twitter.
Beyond Meat's shares lost some of their gains, but are still trading 28.02% above yesterday's close, with a rise of almost 13% the day before.
Beyond Meat came into existence in 2009, and 10 years later held an IPO on the New York Stock Exchange. The start-up's share price more than doubled on the first day of trading. As Forbes recalls, Microsoft (NASDAQ:MSFT) co-founder Bill Gates and actor Leonardo DiCaprio were among the company's early investors.
Persons3 and Companies9 in the news
-
DICAPRIO Leonardo
Actor
-
BROWN Ethan
President & CEO at Beyond Meat
-
GATES Bill
Businessman and Co-founder of the Microsoft
-
-
-
-
-
-
-
-
-
Related news
Last news
Companies rating
NEW YORK NEWS
News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova Development Director
Quotes
AllPrimetime Director Responds to Chris Hansen’s Criticism of Robert Pattinson Film
Taylor Frankie Paul Confirms She Accepted ‘Bachelorette’ Proposal Before Reuniting With Dakota
Sandra Bullock Recalls ‘Practical Magic’ Box Office Bomb: ‘It Got Quiet’
Genetic Genealogy Without Illusions: What DNA Tests Actually Show
Hugh Jackman Offers Fans Free Rent While $28.75M NYC Home Remains for Sale
