US: PepsiCo to buy Bulgarian nut firm
PepsiCo announced today (9 January) that it has reached a deal to buy Penelopa, Bulgaria's leading producer of branded nuts and seeds.
Penelopa, founded ten years ago by owner Yanko Lolov, sells peanuts, sunflower seeds and other savoury snacks throughout Bulgaria. The company operates one plant, located in Sliven, and employs nearly 200 people.
"Penelopa is an outstanding company that will dramatically increase our presence in Bulgaria, a consumer market enjoying robust economic growth, as well as in the broader Balkans region," said Michael White, PepsiCo vice chairman and CEO of PepsiCo International.
"Furthermore Penelopa's line of high quality nuts and seeds is very consistent with our global focus on addressing consumers' growing interest in health and wellness."
PepsiCo's savoury snacks under the Lay's, Ruffles, Cheetos and Doritos brands are imported into Bulgaria from Romania, Greece and Turkey.
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