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Tingyi, PepsiCo to combine China business

By Chen Lidan (People's Daily Online)

17:34, November 04, 2011

Beijing, Nov.4 (People's Daily Online) --Tingyi Holding Corp., one of the major food and beverage companies in China, is going to swap a stake for the bottling operations of PepsiCo Inc. in China.

Tingyi and PepsiCo Friday announced they have entered into an agreement to form a strategic alliance in China. PepsiCo will transfer its beverage bottling operations in China for 9.5 percent direct equity of Tingyi’s beverage subsidiary.

Tingyi's Chairman and CEO Wei Ing-Chou said, "Ready to welcome a golden age of the Chinese beverage industry amidst intense market competition, Tingyi and PepsiCo will continue building up the capacity to seize market opportunities and satisfy consumers' diversified demands with world-class products."

"To win globally, we need to have absolutely the best business partners locally," said PepsiCo's Chairman and CEO Indra K. Nooyi, "Tingyi has a history of successful partnerships with other companies, and we believe this proposed alliance will combine Tingyi's superb distribution reach with PepsiCo's innovation prowess, significantly enhancing our beverage business in China in the near term while maximizing PepsiCo's future growth potential in the fastest growing beverage market in the world. This is a positive deal for PepsiCo, Tingyi, our existing Chinese bottling partners and consumers in China."

The transaction is subject to regulatory approval in China and the approval of the shareholders of Tingyi. Hong Kong-listed Tingyi, which is more commonly known in China for its Master Kong brand, was suspended from trading early Friday.

 
 
     
 
 
 
     
 
 
 
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