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PURCHASE, N.Y. -- PepsiCo Inc. yesterday reported that its Quaker Oats unit has sold its bagged-cereal business and that it is confident the company would achieve its goal of growing fourth-quarter and 2002 profit by 13 percent.
The company -- whose products include Pepsi and Mountain Dew soft drinks, Tropicana juices and Gatorade sports drinks -- sold the bagged-cereal business to Malt-O-Meal in order to concentrate on its larger, more profitable boxed -cereal brands. Terms of the deal were not disclosed.
The bagged cereals division includes brands such as Quaker Honey Nut Oats, Corn Flakes, Cocoa Blasts, and Fruitangy Oh's. The boxed cereals include brands such as Cap'n Crunch and Life.