PepsiCo completes purchase of Israel's SodaStream
Jerusalem (AFP) –
PepsiCo announced Wednesday it had completed its acquisition of Israeli firm SodaStream, whose command of the fizzy water market appealed to the US beverage giant as demand falls for sugar-laden soft drinks.
PepsiCo said in August that it was buying the Israeli company that makes machines to carbonate home tap water for $3.2 billion.
"With its customisable options, SodaStream empowers consumers to personalise their preferred beverage in an environmentally friendly way and provides PepsiCo with a significant presence in the at-home marketplace," PepsiCo CEO Ramon Laguarta said in a statement.
"Together with SodaStream, I'm confident we can accelerate progress on our shared goal of curbing plastic waste and building a more sustainable future."
SodaStream CEO Daniel Birnbaum said his company "was founded to bring healthy, convenient and environmentally friendly beverage options to consumers around the world -- and PepsiCo will help us deliver and expand on this mission."
PepsiCo and arch-rival Coca-Cola have been diversifying away from their mainstay sodas in part to counter the onset of anti-obesity sugar taxes around the world.
The acquisition was also seen as a pitch to consumers concerned about mounting waste from soda cans and plastics in landfills around the world, since SodaStream employs reusable bottles.
PepsiCo has committed to keeping SodaStream's Israeli headquarters for 15 years.
SodaStream has not been immune to the complex politics in its home region.
In 2015, SodaStream shut down a plant in the occupied West Bank following a boycott campaign that included targeting Hollywood actress Scarlett Johansson after she advertised its product.
© 2018 AFP