January 14, 1989 |
General Cinema Corp. said yesterday it agreed to sell its soft-drink bottling business to PepsiCo Inc. for $1.75 billion in cash. The company said it would have an after-tax profit of more than $1.1 billion on the sale. But General Cinema said it also will have to pay about $600 million in taxes on the sale. General Cinema had agreed last year to sell the unit, which is the largest independent Pepsi bottler in the United States, to PepsiCo. The deal was scuttled because of tax concerns.
April 14, 2000 |
PepsiCo Inc. has a new Pepsi Challenge. The company relaunched its classic advertising campaign this year. But unlike the late 1970s, when the ads were introduced, the company's primary goal is not to take market share from arch-rival Coke. This time, it is to earn dollars on the New York Stock Exchange. Roger Enrico, PepsiCo's chairman and chief executive officer, has spent the last three years reorganizing the company to focus more on snack foods than on its traditional soft drinks.
December 23, 1986 |
Pennsylvania Attorney General Leroy S. Zimmerman, in an antitrust suit filed yesterday against PepsiCo and two of its central Pennsylvania bottlers, said the giant soft-drink company was using fines and boycotts to prevent price competition in the sale of its products. The suit, filed in U.S. District Court in Harrisburg, accuses PepsiCo Inc. of Purchase, N.Y., Allegheny Pepsi Bottling Co. Inc., of Harrisburg, and Confair Bottling Co. Inc. of Williamsport, of imposing fines and staging boycotts against retailers who buy Pepsi products from anyone but their local bottler.
November 15, 1993 |
PepsiCo Inc. ended its record-setting, nine-year sponsorship of Michael Jackson after the pop superstar canceled his world tour, a spokesman for the soft-drink giant said yesterday. Spokesman Gary Hemphill yesterday said the company had been scheduled to end the sponsorship deal once the tour was completed, "so we no longer have a relationship. " PepsiCo's sponsorship of Jackson dates back to 1984 when it supported "The Victory Tour," which reunited the singer with his brothers from the former Jackson Five.
May 24, 2004 |
The cranberry vines on Joe Darlington's 700-acre farm in Pemberton Township have produced fruit for Ocean Spray Cranberries Inc. for more than 50 years. Like Darlington, they have endured by adjusting to changing market forces and consumer preferences. And every time, Darlington or his ancestors made the call on how best to adapt. But that may change soon. Ocean Spray growers, who number about 925 throughout North America, will be voting on their cooperative's fate this week: whether to continue operating independently or enter into a joint venture with food and beverage behemoth PepsiCo Inc. "The cooperative is structured specifically to benefit the grower," Darlington said as he tended to his bogs in Burlington County last week.
June 9, 2004 |
Ocean Spray cranberry growers rejected a proposal yesterday by PepsiCo Inc. to buy a stake in the cooperative, voting instead to remain independent and farmer-owned. The vote - 52 percent against pursuing the venture - ended a yearlong courtship by the food and beverage behemoth that would have given PepsiCo half-ownership of the Lakeville, Mass.-based Ocean Spray Cranberries Inc. About 925 farmers, including those in New Jersey, narrowly rejected the offer. "The 'no' verdict on the Pepsi deal means the board of directors will cease all talks with PepsiCo and other potential equity investors, focusing all efforts instead on working with management to build the Ocean Spray business for the future," Ocean Spray officials said in a written statement.
March 29, 2016 |
As Coca-Cola and PepsiCo executives work to stop Mayor Kenney's proposed soft-drink tax, they are fighting the latest battle in a war to reduce the share that their products pay in taxes. In the late 1990s, the Coca-Cola Co. paid 36 cents of every dollar it earned as income taxes, its annual financial reports show. But for each of the last 10 years, Coca-Cola's overall tax rate has fallen below 25 percent. The beverage giant accomplished this by shifting plants and earnings to lower-tax countries and by accepting "tax incentive grants" from nations ranging from Brazil to Swaziland, all eager to host Coca-Cola operations, its annual reports show.
May 10, 2012 |
Joseph Neubauer, best known as benefactor to some of the region's top cultural organizations, stepped down Tuesday as chief executive of Aramark Corp. after 29 years as its leader. Aramark, one of Philadelphia's largest companies, with a global workforce of 250,000, has hired Eric J. Foss, 53, a former PepsiCo Inc. executive, to succeed Neubauer as president and chief executive. The move marks the end of an era for the food-services and facilities-management company, which has known just five chief executives since 1936.
December 2, 1988 |
General Cinema Corp. plans to sell its Pepsi-Cola bottling subsidiary to PepsiCo Inc. for $1.5 billion in notes by the end of this month, the companies announced yesterday. The sale would be virtually tax-free until the principal is retired in a single payment in 20 years because, for tax purposes, it will be treated as an installment purchase, said Peter Farwell, spokesman for General Cinema of Chestnut Hill, Mass. "We have built and managed one of the most profitable soft-drink bottling operations in the industry," said Richard Smith, General Cinema's chairman and chief executive.
October 16, 1986 |
Wendy's International Corp. yesterday said it was making a $1.6 billion switch from Pepsi to Coke at its fast-food restaurants, ending a 17-year relationship with PepsiCo Inc. Wendy's said it was dropping Pepsi products from the menu at its company- owned outlets because PepsiCo's push into the restaurant business has made the soft-drink company a competitor of Wendy's. "They, in effect, are a competitor of ours, and that is a conflict we just cannot stand," said Paul Raab, a spokesman for Wendy's.