PEPSICO has unveiled a $3.3 billion sale of its Tropicana and other juice brands in North America to French private equity firm PAI Partners yesterday, as it looks to simplify its product range and move away from high-sugar drinks.

The company, which bought the orange juice maker in 1998 for roughly $3.3bn and US-based Naked Juice nearly a decade later for $150 million, will keep a 39 percent stake in the new joint venture and have exclusive US distribution rights for the brands.

The sale would give PepsiCo the funds to develop and grow its portfolio of health-focused snacks and zero-calorie beverages, chief executive Ramon Laguarta said, as the company focuses on more profitable brands.

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Source: IOL

By Reuters