American multinational food and beverage maker, Pepsico on Sunday announced that “It has agreed to acquire Chinese snack brand Be & Cheery for $705 million from local jujube maker Haoxiangni Health Food Co Ltd.”
Pepsico in its statement said, “The acquisition of Be & Cherry, which majorly sells snacks made from nuts and dried fruits on a Chinese e-commerce platform, is an important step to become China’s leading consumer-focused food and beverage company.”
Speaking on the acquisition, Ram Krishnan, CEO, PepsiCo Greater China said, “Be & Cherry adds direct-to-consumer capability, positioning us to capitalize on continued growth in e-commerce and a local brand that can stretch across a broad portfolio of the products through online and offline channels.”
“We expect to leverage Be & Cherry’s innovation and consumer insights capabilities to drive innovation in other key PepsiCo’s market growth,” he said.
