PepsiCo commits to R24.4bn African investment
22 Jul 2019 - by
PepsiCo on Saturday agreed to purchase South African packaged goods company Pioneer Foods for an estimated R24.4 billion in an effort to expand its reach in sub-Saharan Africa.
“Pioneer Foods has a robust locally relevant product portfolio that complements PepsiCo’s current line-up, with strong positions in cereals, juices and other African nutritional food staples,” the joint statement said.
PepsiCo chairman and CEO Ramon Laguarta said that the acquisition would help the company gain a solid “beachhead” for expansion into sub-Saharan Africa.
The acquisition gives PepsiCo several brands and manufacturing facilities in countries such as Nigeria, Kenya and South Africa.