PEPSICO BUYS SAUDI ARABIAN SNACK MAKER

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(July 23, 2001) -- PepsiCo today announced it completed its purchase of Tasali Snack Foods, adding Saudi Arabia's leading salty-snack maker to its $12 billion worldwide snack-food empire.

PepsiCo will combine Tasali's assets with the country's second-largest salty-snack retailer, Saudi Snack Foods, which PepsiCo already owns, to control over 45% of the $100 million market. Saudi Snack Foods will increase its target market to $200 million by continuing to export foods to other Gulf-area countries. PepsiCo's Frito-Lay division already has a leadership presence in Egypt, Turkey, Jordan, Bahrain and Qatar.

PepsiCo completed negotiations for the sale in January, and the Saudi Arabian government recently granted its permission for the acquisition's completion. PepsiCo would not disclose terms for the deal. -- Abbey Klaassen

Copyright July 2001, Crain Communications Inc.

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