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PepsiCo, Inc. to acquire Chinese snack maker for $705M

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February 24, 2020

PepsiCo, Inc. has agreed to acquire Hangzhou Haomusi Food Co., Ltd., one of the largest online snacks companies in China, from Haoxiangni Health Food Co., Ltd. for $705 million, according to a press release.

The Hangzhou-based manufacturer, known as Be & Cheery, produces nuts, dried fruits, meat snacks, baked goods and confectionery products, predominantly sells online through e-commerce platforms in China. 

"Be & Cheery is highly complementary to our existing China business with its broad product portfolio, asset light model, and focus on e-commerce," Ram Krishnan, CEO of PepsiCo Greater China, said in a press release. "As we look to accelerate growth in key markets around the world and further grow 'in China, for China, with China,' Be & Cheery adds direct-to-consumer capability, positioning us to capitalize on continued growth in e-commerce, and a local brand that is able to stretch across a broad portfolio of products, through both online and offline channels. We also expect to leverage Be & Cheery's innovation and consumer insights capabilities to drive innovation in other key PepsiCo growth markets."