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Magazine

Table: Rethinking Pepsi


In each of the past five years, PepsiCo has put together big deals to get out of service- and capital-intensive businesses and expand its core brands

OUT:

RESTAURANTS

1997: Pepsi spins off its Taco Bell, Pizza Hut, and Kentucky Fried Chicken chains to create Tricon Global Restaurants, with a market capitalization of $4.7 billion

BOTTLING

1999: Its bottling business is sold in a $2.3 billion public offering, with Pepsi keeping 40% of the shares

IN:

ORANGE JUICE

1998: Buys Tropicana, the O.J. giant, for $3.3 billion

NEW-AGE DRINKS

2000: Bests Coke with a $337 million offer for SoBe, maker of Adrenaline Rush and other New Age drinks

SPORTS DRINKS

2001: Closes a $14 billion acquisition of Quaker Oats, owner of Gatorade as well as several cereal brands


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