PepsiCo acquires Be & Cheery for $705 mln to become China’s leading consumer-focused company
PepsiCo Inc has concluded plans to buy Chinese snack brand Be & Cheery from local jujube maker Haoxiangni Health Food Co Ltd 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.
Commenting on the acquisition, Ram Krishnan, CEO of PepsiCo Greater China, said: “Be & Cheery adds direct-to-consumer capability, positioning us to capitalise 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.
“We also expect to leverage Be & Cheery’s innovation and consumer insights capabilities to drive innovation in other key PepsiCo growth markets.”
Haoxiangni, which is based in Zhengzhou, Henan Province, said in a separate statement that it had decided to sell as it wanted to focus on the jujube business.
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