PURCHASE, N.Y., March 29, 2012 /PRNewswire/ — PepsiCo, Inc. (NYSE: PEP), the world’s second-largest food and beverage business, today announced that it and Tingyi (Cayman Islands) Holding Corp. (Tingyi) (0322.HK), one of the leading food and beverage companies in China, have received all necessary regulatory and shareholder approvals required to complete their transaction to create a strategic beverage alliance in China, which is projected to become the world’s largest beverage market by 2015.
The alliance was approved by the shareholders of Tingyi in February and received regulatory approval in China on March 29, 2012. PepsiCo and Tingyi are working to facilitate a smooth closure to the transaction at the earliest possible date.
PepsiCo is a global food and beverage leader with net revenues of more than $65 billion and a product portfolio that includes 22 brands that generate more than $1 billion each in annual retail sales. Our main businesses – Quaker, Tropicana, Gatorade, Frito-Lay and Pepsi-Cola – make hundreds of enjoyable foods and beverages that are loved throughout the world. PepsiCo’s people are united by our unique commitment to sustainable growth by investing in a healthier future for people and our planet, which we believe also means a more successful future for PepsiCo. We call this commitment Performance with Purpose: PepsiCo’s promise to provide a wide range of foods and beverages for local tastes; to find innovative ways to minimize our impact on the environment by conserving energy and water and reducing packaging volume; to provide a great workplace for our associates; and to respect, support and invest in the local communities where we operate. For more information, please visit www.pepsico.com.