September 21, 2019
LISTED Pepsi-Cola Products Philippines Inc. announced on Friday that it would no longer produce Cheetos and other products in its snack line in the country.
In a disclosure on Friday, the listed softdrink firm exlained it was doing so to focus more on its main beverage business.
The firm’s board of directors gave “approval [for] the discontinuation of the snacks portfolio to focus on and strengthen the company’s core business lines,” it said.
The decision came after US-based PepsiCo and local partner Pepsi-Cola Philippines agreed in 2015 to manufacture and distribute Cheetos in the country. Production began in the fourth quarter of that year.
PepsiCo’s other snack brands include Lays, Ruffles, Doritos and Fritos.
Pepsi-Cola Philippines beverage portfolio includes carbonated and non-carbonated drinks Pepsi, Mountain Dew, 7Up, Mirinda, Gatorade, Sting, Tropicana and Lipton.
Also in the same disclosure, Pepsi-Cola Philippines announced the appointment of new officials, which took effect on Thursday.
Rafael Alunan 3rd was appointed as vice chairman of the board of directors; Oscar Reyes, chairman of the Compensation and Remuneration Committee and of the Nomination and Governance Committee; and Samir Moussa, board member.
Pepsi-Cola posted a net profit of P446.06 million in the first six months of 2019, reversing its P48.64-million net loss in the same period the year before, on the back of higher revenues.
Gross revenues nearly grew by 11 percent to P18.4 billion in the first semester from P16.58 billion year-on-year.
Pepsi shares lost 1 centavo or 0.48 percent to close at P2.08 apiece on Friday.
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