USA: PepsiCo, General Mills end European joint venture
PepsiCo has announced that it has completed the acquisition of General Mills' 40.5% ownership interest in Snack Ventures Europe (SVE) for $750m.
This ends the Snack Ventures Europe joint venture, and its operations are now wholly owned by PepsiCo. The transaction was originally announced December 13, 2004.
Snack Ventures Europe was established in July 1992 by combining General Mills' savoury snack and sweet biscuit businesses in France, Belgium and The Netherlands with PepsiCo's salty and sweet snack businesses in Spain, Portugal and Greece.
The venture is continental Europe's largest snack food company, with annual sales of more than $1bn. Products marketed by SVE include: 3-Ds, Bugles, Doritos, Fritos, Hamka's, Lay's, Ruffles and Cheetos.
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