PepsiCo will acquire South African-based Pioneer Foods Group for $1.7 billion, reports Food Business News. Pioneer Foods manufactures cereals, juices, and other products sold across Africa. Once the acquisition is completed, Pepsi plans to create a new business for sub-Saharan Africa called PepsiCo S.S.A.
“Pioneer Foods represents a differentiated opportunity for PepsiCo and allows us to immediately scale our business in Africa,” said Ramon L. Laguarta, chairman and chief executive officer of PepsiCo. “Pioneer Foods forms an important part of our strategy to not only expand in South Africa, but further into sub-Saharan Africa as well. Our businesses are highly complementary, and we look forward to working with the Pioneer Foods team to successfully build and implement a shared vision in the region.” Full Story
Related: Pepsi to Sell Water in Cans; Nestle, Pepsi Join Consortium to Create Recyclable Plastics.
from Industry Operations https://ift.tt/2xYp7uA
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