RUSSIA: PBG, PepsiCo to acquire Sobol in Russia
The companies said today (17 March) that PR Beverages will take control of Sobol's entire enterprise, including a Russia-based production facility which already co-packs various Pepsi products and manufactures its own brands.
PR Beverages, which was formed last year in an effort to "respond more quickly to dynamics in the Russian marketplace" is expected to close the sale in the second quarter of the year, said the companies.
PBG president and CEO Eric Foss said: "The Sobol acquisition jumpstarts our manufacturing presence in the region and facilitates our expansion into Siberia and Eastern Russia. This investment will help our joint venture unlock new growth opportunities and position us well for continued success."
Financial details of the transaction were not disclosed.
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