Soft drink giant PepsiCo has acquired in-home drinks company SodaStream for a $US3.2 billion in a bid to boost its health and sustainability credentials.
PepsiCo said the deal was well-aligned with its Performance with Purpose philosophy to make more nutritious products while at the same time limiting its environmental footprint.
“Together, we can advance our shared vision of a healthier, more-sustainable planet," PepsiCo chairman and CEO Indra Nooyi said.
"Daniel and his leadership team have built an extraordinary company that is offering consumers the ability to make great-tasting beverages while reducing the amount of waste generated."
PepsiCo CEO-elect and president Ramon Laguarta said that the deal also added to PepsiCo's growing water portfolio, and catalysed its ability to offer personalised in-home beverage solutions around the world.
"From breakthrough innovations like Drinkfinity to beverage dispensing technologies like Spire for foodservice and Aquafina water stations for workplaces and colleges, PepsiCo is finding new ways to reach consumers beyond the bottle, and today's announcement is fully in line with that strategy."
SodaStream CEO and director Daniel Birnbaum said, "Today marks an important milestone in the SodaStream journey. It is validation of our mission to bring healthy, convenient and environmentally friendly beverage solutions to consumers around the world.”
“We are honoured to be chosen as PepsiCo's beachhead for at home preparation to empower consumers around the world with additional choices.”
“I am excited our team will have access to PepsiCo's vast capabilities and resources to take us to the next level. This is great news for our consumers, employees and retail partners worldwide.”
According to reports, PepsiCo soft drink flavours, such as Pepsi and Mountain Dew, won't be available on the SodaStream platform, with the company pledging to continue to grow and invest in its trademark brands.
Under the terms of the agreement between PepsiCo and SodaStream, PepsiCo has agreed to acquire all of the outstanding shares of SodaStream International.
The acquisition has been unanimously approved by the boards of directors of both companies.
