PepsiCo to Buy Tortilla-Chip Maker Siete Foods for $1.2 Billion
By Dean Seal
PepsiCo has agreed to acquire tortilla-chip maker Siete Foods for $1.2 billion, confirming an earlier report by The Wall Street Journal.
The snack and beverage giant said Tuesday it has reached a deal to acquire Garza Food Ventures, which does business as Siete Foods, that is expected to close in the first half of next year.
The Texas-based Siete specializes in Mexican-inspired products including tortilla chips, soft tortillas and jarred enchilada mix.
PepsiCo said Siete's products would complement its portfolio and build out its better-for-you offerings.
The Wall Street Journal reported Monday that PepsiCo was in advanced talks to acquire Siete, citing unnamed sources.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 01, 2024 10:03 ET (14:03 GMT)
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