PepsiCo Seeking To Capture More Of China Market
PepsiCo Looks To Bolster China Presence
PepsiCo (NYSE: PEP), the world’s second-largest soft drink maker, said it plans to spend $2.5 billion over the next three years in China as it seeks to bolster its presence in the world’s largest country. New York-based PepsiCo announced $1 billion in China investments in 2008 and that total will be spent by the end of this year.
About: PepsiCo (NYSE: PEP), PepsiCo, Pepsi, Investment China, Coca-Cola (NYSE: KO), Coca Cola,
International markets helped the company’s first-quarter profit jump by 26% and PepsiCo said snacks and soda revenue increased by double digits in China and India during the quarter. The $2.5 billion PepsiCo plans to spend in China over the next three years will help the company open 10-12 new production facilities, purchase five farms for growing potatoes and oats and build a new research facility.
The company currently owns 27 production facilities and five farms in China and employs 20,000 workers there, according to the Associated Press. PepsiCo’s biggest rival, Coca-Cola (NYSE: KO) plans to open two new plants in China this year and start construction on another.