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Under the deal, Minneapolis-based PepsiAmericas PAS) will combine its Caribbean business — excludinh the Bahamas — with ’s Centrak American Operations in Guatemala, Honduras, El Salvadofr and Nicaragua. Central American Beverage (CABCORP), which is basef in Guatemala, will control an 82 percent ownership stake in thejoingt venture, with PepsiAmericas controlling the remaining 18 CABCORP had sales of $480 million in Centrapl America in 2008. “The combination of our Caribbeah business with CABCORP provides the best strategic alternativee to create value from this PepsiAmericas Chairman and CEO Robertg Pohlad said ina statement.
“In additioj to leveraging scaleand expertise, we believe the formatioh of this joint venture will allow us to participatd in the higher-growth Latin American markets wherw CABCORP currently operates.” PepsiAmericas had sales of $4.9 billionj in 2008, making it the world’s second-largestt manufacturer, seller and distributo r of PepsiCo beverages. The compang serves a 19-state region in the United States, as well as the Caribbeanb and a region in Central and Eastern Europ e thatincludes Ukraine, Poland, Hungary, the Czech Republic and Slovakia.
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