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Pepsi to invest $1 billion in Russian beverage company - Putin

© Sputnik / Pavel Lysizin / Go to the mediabankPepsi to invest $1 billion in Russian beverage company - Vladimir Putin
Pepsi to invest $1 billion in Russian beverage company -  Vladimir Putin - Sputnik International
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Russian Prime Minister Vladimir Putin said during a meeting on Tuesday that U.S.-owned PepsiCo plans to invest approximately $1 billion in Russia's Wimm-Bill-Dann beverage company over the next five years.

Russian Prime Minister Vladimir Putin said during a meeting on Tuesday that U.S.-owned PepsiCo plans to invest approximately $1 billion in Russia's Wimm-Bill-Dann beverage company over the next five years.

PepsiCo signed a deal on December 1 to acquire 66% of Wimm-Bill-Dann for $3.8 billion. The company, which produces non-alcoholic beverages, juices and dairy products, is in the top ten of Russia's most famous name-brands of 2010, according to Forbes. The company plans to acquire the remaining 34% from other stockholders in the near future.

"Over the next five years alone, [PepsiCo] plans to invest more than 30 billion rubles in the technical reequipping, production, scientific research, and development of new sales schemes [of Wimm-Bill-Dann], which will create more than 1,000 new workplaces," Putin said during a foreign investment meeting at his residence outside Moscow.

According to PepsiCo, the acquisition of Wimm-Bill-Dann will make it the largest company manufacturing food products and beverages in Russia with an annual sales volume of $5 billion. After the acquisition, PepsiCo will own six of the 20 largest product brands in Russia and 49 manufacturing companies in Russia and countries of the CIS.

NOVO-OGARYOVO (Moscow region), December 28 (RIA Novosti)

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