Home Wealth  Money Pepsi Gobbles Up Brazilian Biscuit Maker

Pepsi Gobbles Up Brazilian Biscuit Maker

Posted: Nov. 11th, 2011  |  By Forbes

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PepsiCo said today it has agreed to acquire Brazilian biscuit and snack maker Mabel.

PepsiCO did not disclose financial terms of the acquisition in its announcement, but Bloomberg reported earlier that it would buy the company for about $450 million.

Pepsi (nyse: PEP - news - people ) noted that biscuits are the largest segment in Brazil's snacks market, and the addition of Mabel and its brands will complement PepsiCo's existing food and beverage portfolio in Brazil.

Also today, Smithfield Foods (nyse: SFD - news - people ) said its Smithfield Packing Company is permanently closing its Portsmouth, Virginia plant as of early 2013.

The closure will impact 425 employees, some of which many be offered opportunities at other plans.

Hot dog and lunch meat production at the Portsmouth plant will shift to Kingston, North Carolina, Smithfield said.

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