Greek snack producer Chipita International and PepsiCo, the US beverage and snacks giant, are working together to increase their markets in the US, Mexico and Brazil.

A joint plan has been announced that will see a US$12m investment ploughed into the establishment of two croissant production units in Mexico. The companies are also believed to be considering a local distribution network in Brazil.

Chipita is hoping that its activities with PepsiCo will help double its consolidated net profit, boosting it to US$13.5m in 2001. It is also believed that the company is hoping to file for listing on the New York Stock Exchange.