PepsiCo Agrees to Buy Bulgaria's Leading Nuts and Seeds Company

PepsiCo announced today that it has reached a definitive agreement to purchase Penelopa, Bulgaria's leading producer and seller of branded nuts and seeds.

Penelopa, founded 10 years ago by current owner Yanko Lolov, sells peanuts, sunflower seeds and other savory snacks throughout Bulgaria, principally through its dedicated national direct distribution system. The company operates one plant, located in Sliven, and employs nearly 200 people.

"Penelopa is an outstanding company that will dramatically increase our presence in Bulgaria, a consumer market enjoying robust economic growth, as well as in the broader Balkans region," said Michael White, PepsiCo vice chairman and chief executive officer of PepsiCo International. "Furthermore Penelopa's line of high quality nuts and seeds is very consistent with our global focus on addressing consumers' growing interest in health and wellness."

Currently PepsiCo savory snacks under the Lay's, Ruffles, Cheetos and Doritos brands are imported into Bulgaria from Romania, Greece and Turkey. A variety of PepsiCo beverage brands also are available in Bulgaria, including: Pepsi, Pepsi Light, Pepsi Twist, Pepsi X, 7UP, Mirinda, Evervess, Mountain Dew and Gatorade.

Terms of the agreement were not disclosed.

PepsiCo (NYSE: PEP) is one of the world's largest food and beverage companies, with 2006 annual revenues of more than $35 billion. The company employs approximately 168,000 people worldwide, and its products are sold in approximately 200 countries. Its principal businesses include: Frito-Lay snacks, Pepsi-Cola beverages, Gatorade sports drinks, Tropicana juices and Quaker foods. The PepsiCo portfolio includes 17 brands that generate $1 billion or more each in annual retail sales.

PepsiCo's commitment to sustainable growth, defined as Performance with Purpose, is focused on generating healthy financial returns while giving back to communities the company serves. This includes meeting consumer needs for a spectrum of convenient foods and beverages, reducing the company's impact on the environment through water, energy and packaging initiatives, and supporting its employees through a diverse and inclusive culture that recruits and retains world-class talent. PepsiCo is listed on the Dow Jones North America Sustainability Index and Dow Jones World Sustainability Index.