Pepsi Bottling Group to Acquire California Bottler
SOMERS, N.Y. -- The Pepsi Bottling Group (PBG), the world's largest manufacturer, seller and distributor of Pepsi-Cola beverages, signed a letter of intent to acquire Pepsi-Cola Bottling Co. of Yuba City Inc., a franchised bottler based in northern California.
The Yuba City, Calif.-based company dates back to 1944, when John Cary Sr. purchased the local Pepsi-Cola franchise. It has been a successful family-owned and -operated business ever since, with John Cary II serving as the company's president since 1989.
"Acquiring well-run independent bottlers continues to be an important part of our strategy to capitalize on geographic growth opportunities," PBG Chairman and Chief Executive Officer Eric Foss said in a statement. "The Cary family has operated a terrific company for more than six decades. Their business, as well as their talented employees, will strengthen our organization. We look forward to building on their commitment to customer service and community involvement in the years to come."
PBG expects the transaction to be completed during the second quarter of 2010. Financial terms were not disclosed. This is the sixth in a series of deals that PBG announced since the beginning of 2008 to expand the company's U.S. footprint.
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The Yuba City, Calif.-based company dates back to 1944, when John Cary Sr. purchased the local Pepsi-Cola franchise. It has been a successful family-owned and -operated business ever since, with John Cary II serving as the company's president since 1989.
"Acquiring well-run independent bottlers continues to be an important part of our strategy to capitalize on geographic growth opportunities," PBG Chairman and Chief Executive Officer Eric Foss said in a statement. "The Cary family has operated a terrific company for more than six decades. Their business, as well as their talented employees, will strengthen our organization. We look forward to building on their commitment to customer service and community involvement in the years to come."
PBG expects the transaction to be completed during the second quarter of 2010. Financial terms were not disclosed. This is the sixth in a series of deals that PBG announced since the beginning of 2008 to expand the company's U.S. footprint.
Related News:
PepsiCo Forms New Bottling Unit
Pepsi Bottling Rejects PepsiCo Purchase Offer