Pepsi Gets In Bed With Bare Foods

(RTTNews) - PepsiCo Inc. (PEP) Friday announced it has reached an agreement to buy Bare Foods Co., a U.S.-based food company that makes fruit and vegetable snacks. Pepsi did not disclose any financial details of the acquisition.

"For nearly a dozen years, PepsiCo has been committed to Performance with Purpose, our vision of making more nutritious products, while also reducing added sugars, salt, and saturated fat. Bare Snacks fits perfectly within that vision," said Pepsi CEO Indra Nooyi.

Bare Foods, which does business as Bare Snacks, was founded in 2001 by a family-owned apple farm in Washington that began selling packaged baked apple chips.

After the closing of the deal, Bare Foods will continue to operate independently out of its San Francisco headquarters with its leadership reporting into Frito-Lay North America, a division of PepsiCo.

"While we will continue to offer the current Bare Snacks product line, we look forward to working with the Bare Snacks team to deliver new, innovative options, and ultimately expanded distribution, to meet the ever-growing consumer demands for authentic and nutritious snacks," said Vivek Sankaran, president and chief operating officer for Frito-Lay North America.