PepsiCo buys fizzy drink maker SodaStream for $3.2bn
20 August, 2018, 21:11 | Author: Eric Barnett
Nooyi said SodaStream is an extraordinary company offering consumers the ability to make great-tasting beverages while reducing the amount of waste.
"That focus is well-aligned with Performance with goal, our philosophy of making more nutritious products while limiting our environmental footprint".
"Together, we can advance our shared vision of a healthier, more sustainable planet".
SodaStream's product allows people to make their own fizzy drinks at home, adding carbonation to drinks like flavored water and fruit drinks.
PepsiCo president Ramon Laguarta, who will succeed Ms Nooyi on 3 October, said in a statement that Sodastream was "highly complementary and incremental" to Pepsi's business. Speaking to CNBC, PepsiCo CFO Hugh Johnston said, "We get to play in a business - home beverages - where we don't play". PepsiCo said the move is also meant to boost sustainability because consumers fill reusable bottles.
Daniel Birnbaum, SodaStream's CEO, said the company is honoured to be chosen as PepsiCo's beachhead into the at-home preparation market.
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 USA, and Mobileye, which produces technology for self-driving cars and was gobbled up by Intel past year for $15 billion US. The deal will give the brand access to PepsiCo's distribution capabilities, global reach, R&D, design and marketing expertise with the aim of fuelling expansion and innovation.
The acquisition also is a pitch to consumers concerned about mounting waste from soda cans and plastics in landfills around the world, since SodaStream employs reusable bottles.
Pepsi said the transaction, which has been unanimously approved by both firm's boards and is expected to close by January 2019, is another step in its bid to "promoting health and wellness through environmentally friendly, cost-effective and fun-to-use beverage solutions".
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