PepsiCo has said its acquisition of snack company Dilexis is a major step for the business in the country.

The US food and drinks giant bought the cookies and cracker producer company for an undisclosed fee to increase its presence in Argentina, which has the highest per-capita consumption of snacks in South America.

A spokesperson said: "Argentina is an important market for PepsiCo and we are well positioned to capitalise on the long-term growth opportunities it offers. The acquisition of Dilexis will help us to further expand in the cookie and cracker market and enable us to target a broader group of consumers in Argentina and the Southern Cone."

Pablo Montivero Araya, general manager of PepsiCo's food business in the Southern Cone, had said the sale would position the company as a "significant player" in the region's snacks industry.