Food and beverage giant PepsiCo (PEP) has gobbled up San Francisco-based fruit and vegetable chips maker Bare Snacks for an unrevealed amount. By doing so, the company has expanded its Frito-Lay division’s “Better for You” snack offerings. When the transaction is sealed, Bare Foods will be reporting to Frito-Lay North America division and will continue to function independently from San Francisco.
Bare Snacks, which started its operations in 2001 as a family-owned business, makes organic snacks with real fruits and veggies which are gluten-free. Bare Snacks creates chips from apples, bananas, coconuts, carrots and sweet potatoes. About a month ago, the snacks maker’s CEO Santosh Padki said in an interview that some famous consumer packaged goods companies have approached the firm for a potential acquisition.
Pepsi’s CEO Indra Nooyi commented that Bare Snacks fits the company’s vision of creating more nutritious products. The Coca Cola’s rival didn’t acquire any company after it purchased the beverage company KeVita for an undisclosed sum in November 2016.
According to a report from Euromonitor, Frito-Lay has maintained its leading position in savory snacks in 2017 with a value share of 39%. Also, the research firm expects the US vegetable, bread, and pulse chips market to reach $2.5 billion by 2022.
Last month, Pepsi reported refreshing results for its first quarter beating Street’s view. However, the New York-based beverage company’s shares reached its 52-week low ($95.94) on May 9. The stock plunged 16% year-to-date and dipped 15% in the past one year. When the market closed today, the stock inched up 0.13% to $100.31.
Most Popular
Intensity Therapeutics is establishing a new field of localized cancer reduction: CEO
Intensity Therapeutics, Inc. (NASDAQ: INTS) is a clinical biotechnology company engaged in the discovery development, and commercialization of first-in-class cancer drugs that attenuate tumors with minimal side effects while training
INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues
Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came
Riding the AI wave, Nvidia looks set to stay on the high-growth path
After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on