USA: PepsiCo sells Quaker unit to Malt-O-Meal
Quaker, a subsidiary of US food and beverages giant PepsiCo, has sold its bagged cereal business to US cereal manufacturer Malt-O-Meal, in order to concentrate on its larger, more profitable boxed cereal brands. PepsiCo subsequently reaffirmed that it expects to achieve its previously stated targets of 13-14% earnings per share growth for the fourth quarter and full year 2002.
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