Wednesday March 31, 9:30 am Eastern Time
Company Press Release
SOURCE: Pepsi Bottling Group, Inc.
The Pepsi Bottling Group Begins Trading on The New York Stock Exchange; Initial Public Offering of World's Largest Pepsi Bottler: 'PBG'
SOMERS, N.Y., March 31 /PRNewswire/ -- Approximately 100 million shares of common stock of The Pepsi Bottling Group, Inc., the world's largest manufacturer, seller and distributor of Pepsi-Cola beverages, will begin trading today at 9:30 AM, EST, on the New York Stock Exchange. Listed under the symbol ''PBG,'' it is expected to be among the biggest initial public offerings in stock market history.
''This is a uniquely exciting time -- a tremendous opportunity for the 37,000 people of The Pepsi Bottling Group to do what we do best,'' said Craig E. Weatherup, Chairman and Chief Executive Officer of PBG. ''To better serve our customers in a vibrant soft drink industry, we're focused intently on bottling and bottling alone -- making, selling and delivering some of the world's most powerful beverage brands.''
PBG, which generates more than $7 billion in annual sales, was organized in November 1998 to separate most of PepsiCo, Inc.'s company-owned bottling operations from its brand ownership. PepsiCo will retain an equity interest of about 40% in PBG.
The Pepsi Bottling Group currently operates in the United States, Canada, Spain, Greece and Russia, accounting for 55% of the Pepsi-Cola beverages sold in North America and 32% of Pepsi-Cola system volume worldwide.
As an independent entity, PBG will benefit from a much sharper definition of its role and be able to execute its business strategy more effectively on a local market level.
''Our purpose is clear,'' Mr. Weatherup added. ''In essence, we sell soda. And we intend to sell more of it, more profitably than ever before.''
''We're delighted about the debut of The Pepsi Bottling Group on the NYSE and, with the new millennium ahead of us, we look forward to serving the next Pepsi generation,'' said Exchange Chairman and Chief Executive Officer Richard A. Grasso. ''The PBG listing gives new meaning to our longstanding relationship with a great global brand as we grow the partnership between the world's leading equities marketplace and the world's largest manufacturer, seller and distributor of Pepsi-Cola beverages.'' |
