PepsiCo will sell Tropicana and other juices to a private equity firm in a $3.3 billion deal expected to close late this year or early next year.
The New York drink and snack company will keep a 39% noncontrolling stake in a newly formed joint venture with PAI Partners.
PepsiCo Chairman and CEO Ramon Laguarta said the deal “will free us to concentrate on our current portfolio of diverse offerings, including growing our portfolio of healthier snacks, zero-calorie beverages, and products like SodaStream.”
PepsiCo bought Tropicana in 1998 and the Naked juice brand, also part of the sale, about 10 years later. It was heading in another direction by 2018 when it bought SodaStream, the carbonated drink machine company, for more than $3 billion.
'Blonde' star to sell her firm
Actress and producer Reese Witherspoon is selling the media company she founded to a newly formed company backed by private equity firm Blackstone Group. Terms of the transaction were not disclosed, but the Wall Street Journal reported that the deal was worth about $900 million.
Witherspoon, known for her roles in films such as “Legally Blonde” and “Walk the Line,” created Hello Sunshine in 2016. She will continue to oversee its day-to-day operations along with members of Hello Sunshine's existing senior management team, including CEO Sarah Harden.
Witherspoon and Harden will also serve as board members for the new media company run by entertainment executives Kevin Mayer and Tom Staggs.
Stellantis reports profit
Stellantis said operations are meshing faster than expected since the company's takeover with Peugeot PSA of the Italian-American carmaker Fiat Chrysler, yet snarled global supply chains clipped production by 700,000 vehicles.
In the first half of the year, Stellantis booked profits of 5.9 billion euros ($7 billion), compared with a loss of 813 million euros in the same period last year when COVID-19 shut down vast swaths of the manufacturing sector.
Shipments rose 44%, to 3.2 million units. Revenues rose 46%, to 75 billion euros.