PepsiCo taps healthier drinks market with SodaStream deal
PepsiCo taps healthier drinks market with SodaStream deal
SodaStream will give Pepsi Co a new way of reaching customers in their
21 August, 2018, 11:57
Speaking to CNBC, PepsiCo CFO Hugh Johnston said, "We get to play in a business - home beverages - where we don't play".
Under Nooyi's vision to move away from traditional sugary sodas, PepsiCo launched Drinkfinity this year, a new beverage based on tap water.
The keys to Sodastream's business relies on selling flavour packs that allow consumers to add their own mixes to the carbonated water.
She said SodaStream's products, which are marketed as a healthy alternative to sugary drinks, fit in with the United States firm's goal of "making more nutritious products while limiting our environmental footprint".
Even rival Coca-Cola is diversifying more.
Buying SodaStream will further boost Pepsi's health credentials.
PepsiCo will pay $144 per share in cash, representing a 10.9 percent premium to Friday's closing price of SodaStream's US -listed stock and a 32 percent premium to its 30-day average.
Coca-Cola, for its part, said last week that it was buying a stake in BodyArmor, a maker of sports drinks that is endorsed by retired basketball star Kobe Bryant and offers a diet version of the drink is naturally sweetened. Coca-Cola's other investments in recent years have included milk that is strained to have more protein and a push behind sparkling water.
It reported a 31% year-over-year jump in revenues to $172m (£134m), an 89% leap in operating profit to £32m (£25m) and an 82% climb by net profit to £26m (£20m).
Three years ago, SodaStream shut down its West Bank factory amid worldwide boycott calls and opened a sprawling new factory deep in Israel's Negev Desert instead. In 2014, PepsiCo tested sales of homemade brands through the Israeli company's system. She parted ways with the worldwide charity Oxfam because of a dispute over her work with SodaStream.
Monday's sale looks to inject another big tax payout to Israel following previous the sales of Israeli companies such as the mobile navigation app Waze, which was acquired by Google for about $1 billion United States, and Mobileye, which produces technology for self-driving cars and was gobbled up by Intel a year ago for $15 billion US.
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