After under five months on the job, Pepsi Co’s Opens a New Window. new CEO, Ramon Laguarta, just made his first big move, scooping up Opens a New Window. protein product maker Muscle Milk from Hormel Foods Corp. with an undisclosed amount
Hormel, which is known for brands like Justin’s peanut butter and Spam, announced on Tuesday the sale of the Cyto Sport unit. In addition to Muscle Milk, Cyto Sport makes Evolve Protein products which is dubbed a sports and wellness company.
The deal is predicted to shut in 30 to two months and Hormel added more details about the offer is going to be released on Thursday during its earnings call.
Hormel CEO Jim Snee asserted Pepsi Co is within “a strong position to grow” the organization.
In an announcement to FOX Business, a Pepsi spokesperson said the transaction “is another illustration of ways were creating a consumer-centric portfolio of brands that supply a breadth of options across covenient foods & beverages.”
It also said the merger is in conjuction with the company’s “tuck-in acquisition strategy.”
In recent times, Pepsi has become betting big on snacks, while its biggest rival Coca-Cola is extremely bullish on beverages Opens a New Window. , including coffee recently.
Last year, Pepsi acquired Bare Foods, a dried fruit and vegetable snack company. It also is home to big snack brands for example Frito-Lay and Quaker.