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Associated Press
Snack Ventures Europe Buys Star Foods
Thursday November 18, 10:18 am ET
Snack Ventures Europe Buys Star Foods; Terms of Deal Not Disclosed
PURCHASE, N.Y. (AP) -- Snack Ventures Europe, a joint venture of PepsiCo Inc. and General Mills Inc., on Thursday said it acquired Star Foods, a leading snack food maker and distributor in Romania.
The companies did not disclose terms of the deal. The acquisition of Star Foods, a maker of potato chips and popcorn snacks, enters Snack Ventures into the Romanian snack-food market for the first time, the company said.
Snack Ventures said Star Foods has a factory in Bucharest, and added that its distribution network is among the largest of consumer products companies in Romania.
The joint venture sells snacks in Europe under popular brands from PepsiCo's Frito-Lay division, including Bugles, Doritos, Fritos, Lay's and Ruffles.
In early trading, shares of PepsiCo rose 19 cents to $51.46, while General Mills added 1 cent to trade at $45.37 on the New York Stock Exchange.
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