PepsiCo buys Chinese snack brand Be & Cheery for $705 million [Reuters]
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Source: Reuters
PepsiCo buys Chinese snack brand Be & Cheery for $705 million BEIJING (Reuters) - PepsiCo Inc ( PEP.O ) has agreed to buy Chinese snack brand Be & Cheery from local jujube maker Haoxiangni Health Food Co Ltd ( 002582.SZ ) for $705 million, the companies said. The U.S. multinational food and beverage maker said the acquisition of Be & Cheery, which sells snacks from nuts to dried fruits mainly on Chinese e-commerce platforms, was an important step in its goal to become China’s leading consumer-focused food and beverage company. “Be & Cheery adds direct-to-consumer capability, positioning us to capitalize on continued growth in e-commerce, and a local brand that is able to stretch across a broad portfolio of products, through both online and offline channels,” Ram Krishnan, CEO of PepsiCo Greater China, said in a statement on Sunday. “We also expect to leverage Be & Cheery’s innovation and consumer insights capabilities to drive innovation in other key PepsiCo growth markets.” Haoxi
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