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PepsiCo Acquires Chinese Snack Maker Be & Cherry for $705 Million

PepsiCo has agreed to buy Chinese snack brand Be & Cheery from local jujube manufacturer Haoxiangni Health Food for $705 million, the companies stated.PepsiCo Acquires Chinese Snack Maker Be & Cherry for $705 Million

The U.S. multinational food and beverage manufacturer stated the purchase of Be & Cheery, which sells snacks from nuts to dried fruits largely on Chinese e-commerce platforms, was an essential step in its objective to become China’s leading shopper-focused food and beverage firm.

“Be & Cheery adds direct-to-consumer functionality, positioning us to capitalize on visible growth in e-commerce, and a local brand that is able to expand across a broad portfolio of products, through each online and offline networks,” Ram Krishnan, CEO of PepsiCo Greater China, stated in an announcement Sunday.

“We also anticipate leveraging Be & Cheery’s innovation and consumer insights capabilities to drive innovation in different key PepsiCo growth markets.”

Haoxiangni, which is situated in the eastern city of Hangzhou, mentioned in a separate filing that it had determined to sell as it wanted to concentrate on the jujube business.

Incorporated in 2003, Be & Cheery is one of the largest online snack corporations in China and reported earnings of around 5 billion yuan ($711.7 million) last year, the businesses stated.

The deal is subject to a Haoxiangni shareholder vote, certain regulatory permissions, and other customary conditions, they stated.


Ruby Gayhart

Ruby writes about food products which are not only for humans but also for your loving pets and other animals. Her articles are always unique and have topics which the readers find very much astonishing. Her passion for writing has made her work more comfortable and more elegant. She has been working in Food Industry Updates for 5 years. In her leisure time, she loves to tell people about the importance of using the right product for the right cause.

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