OR WAIT null SECS
The alliance gives PepsiCo exclusive rights to distribute select cranberry and blueberry beverages throughout its Latin America beverages.
PepsiCo (Purchase, NY) and Ocean Spray Cranberries Inc. (Lakeville, MA) have agreed to a strategic alliance in Latin America regarding Ocean Spray’s juice-based beverage lines. The alliance gives PepsiCo exclusive rights to distribute select cranberry and blueberry beverages throughout its Latin America beverages division, says PepsiCo. Both companies will share market and product innovation responsibilities.
The two companies have enjoyed a partnership in the United States since 2006, during which time Ocean Spray has gained a 5% share of the convenience and gas station channel’s single-service juice market.
“Ocean Spray is already a great PepsiCo partner in the U.S., and we believe this will be a winning combination for Latin American consumers and customers,” said Luis Montoya, president of PepsiCo’s Latin America beverages division. “It positions us well to continue to gain share of the growing juice category.”
The new alliance is to last for a term of 20 years. Financial details have not been disclosed.