Reuters
PepsiCo Inc said it is planning to up its investment in China by $2.5 billion over the next three years, as it sees more growth in the market.
This new investment is apart from the $1 billion the cola and snack food giant had announced in 2008, and which will be completed this year.
"This investment reflects very clearly our great confidence in China and our long-term commitment to this very important, growing market," Chief Executive Officer Indra Nooyi said in a statement.
The new investment will be allocated to a variety of projects, including new manufacturing facilities, a significant scaling up ofthe company's research and development operations, expanded agricultural development and brand-building initiatives.
Pepsi, which competes with Coca-Cola Co (KO.N) and Dr Pepper Snapple Group Inc (DPS.N), plans to open 10 to 12 new plants in China to manufacture soft drinks, non-carbonated beverages and snacks and will install additional production lines in existing facilities.
"We look forward to continuing to evolve our business in China and offer Chinese consumers a full portfolio of foods and beverages," Nooyi, who is in Shanghai to visit the Shanghai Expo, added.
This new investment is apart from the $1 billion the cola and snack food giant had announced in 2008, and which will be completed this year.
"This investment reflects very clearly our great confidence in China and our long-term commitment to this very important, growing market," Chief Executive Officer Indra Nooyi said in a statement.
The new investment will be allocated to a variety of projects, including new manufacturing facilities, a significant scaling up ofthe company's research and development operations, expanded agricultural development and brand-building initiatives.
Pepsi, which competes with Coca-Cola Co (KO.N) and Dr Pepper Snapple Group Inc (DPS.N), plans to open 10 to 12 new plants in China to manufacture soft drinks, non-carbonated beverages and snacks and will install additional production lines in existing facilities.
"We look forward to continuing to evolve our business in China and offer Chinese consumers a full portfolio of foods and beverages," Nooyi, who is in Shanghai to visit the Shanghai Expo, added.
