Home Wealth  Money Pepsi Gobbles Up Brazilian Biscuit Maker

Pepsi Gobbles Up Brazilian Biscuit Maker

Posted: Nov. 11th, 2011  |  By Forbes

powered by Forbes

RSS Syndicated News Email a Friend Suggest an Article Share Visit Website

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.

Market News Video produces and distributes online videos about stocks and investing.




Share on Facebook Share
See Next Article
Need to Get Away?
Top 10 Business Hotels
Who says you canít mix business with pleasure?
Read More
More Articles from Forbes.com

advertisement
Quick Links
Autos
Boating
Real Estate
Luxury Travel
Fashion
Search Real Estate
Find Your Dream Home
Search for homes by
State, Country or Style.
Event Calendar
advertisement
Current News & Features
Ultimate Libations: 5 Boozy Gifts for Expensive Tastes
Juan Valdez Launches Revolutionary Compostable Coffee Pods in 4 Authentic Flavors
The Smart Luggage Set You Need for Traveling
Imalentís†Military-Grade EU06-RW Smart Flashlight
Acclaimed Chef Melissa Perello Wants to Host Your Dinner Party
Surprise Your Loved One With Bang & Olufsen's $1,895 BeoSound 2 This Christmas
The $675 TUMI T-Pass: A Sleek Business Traveler-Inspired Briefcase
A Closer Look at Spain's Garnacha Wines From Aragon
New Juan Valdez Coffee Pods are Way Greener Than the Competition
The $400 360fly 4K Video Camera You'll Want in Your Stocking
See the complete list
 
Featured Photo Gallery
See the complete list
THINGS WE LIKE