DOCSLIB.ORG

2008 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2008 Annual Report Corporate Headquarters WE ARE Performance PepsiCo, Inc. 700 Anderson Hill Road Purchase, NY 10577 WITH Purpose. www.pepsico.com PepsiCo, Inc. 2 008 Annual Report 2008 Annual Report EVERY GENERATION ReFRESHES THE WORLD As PepsiCo refreshes its beverages, snacks and foods for new generations, we dem- onstrate in many ways that “We are Performance with Purpose.” This year’s report features employees, customers and business partners around the world who helped PepsiCo grow under adverse conditions—and stay focused on future opportunities. To represent this perspective, we invited children of PepsiCo associates across our global operations to show us how our products look through the eyes of future consumers. We’re proud to feature some of these drawings on our annual report cover. To view more of these drawings, please go to www.pepsico.com. There’s much more to PepsiCo’s great-tasting beverages, snacks and foods than meets the eye. Around the world, our people come to work each day ready to perform with purpose. Together, we create the fun, refreshing and nourishing experiences consumers enjoy. In 2008 we faced market pressures that demonstrated the strength of our Performance with Purpose mission—and the power of our people. As costs increased and local economies weakened, customers and consumers held their breath. We met these challenges head-on. By channeling our knowledge, creativity and determination, we continued our legacy of growth and gave consumers powerful new reasons to choose our beverages, snacks and foods. CONTENTS 2 Financial Highlights 8 North America 24 Europe 41 Financial Contents 4 Letter to Shareholders 18 Latin America 30 India 97 PepsiCo Board of Directors 36 China 98 PepsiCo Executive Committee PepsiCo, Inc. 2008 Annual Report Financial Highlights Core Earnings Management Operating PepsiCo, Inc. and subsidiaries Per Share* Cash Flow** (in millions except per share data; all per share amounts assume dilution) (in millions) $3.68 $4,551 $4,651 $3.37 $4,065 $3.01 2008 2007 Chg(a) Summary of Operations Total net revenue $43,251 $39,474 10% Core division operating profit(b) «$««8,475 $««8,025 6% Core total operating profit (c) $««7,824 $««7,253 8% Core net income (d) $««5,887 $««5,587 5% 06 07 08 06 07 08 *See 5 page 9 for a reconciliation to **See page 95 for a reconciliation to Core earnings per share (d) $««÷3.68 $««÷3.37 9% the most directly comparable financial the most directly comparable financial measure in accordance with GAAP. measure in accordance with GAAP. Other Data Cumulative Total Shareholder Return Return on PepsiCo stock investment (including dividends), the S&P 500 Management operating cash flow (e) $««4,651 $««4,551 2% and the S&P Average of Industry Groups.*** PepsiCo, Inc. Net cash provided by operating activities $««6,999 $««6,934 1% $250 S&P 500® S&P® Average of *** Capital spending $««2,446 $««2,430 1% $200 Industry Groups Common share repurchases $««4,720 $««4,300 10% $150 Dividends paid $««2,541 $««2,204 15% $100 Long-term debt $««7,858 $««4,203 87% $50 $0 (a) Percentage changes are based on unrounded amounts. 2003 2004 2005 2006 2007 2008 (b) Excludes corporate unallocated expenses and restructuring and impairment charges. See page 95 for a reconciliation to the most directly comparable financial measure in accordance with GAAP. ***The S&P Average of Industry Groups is derived by weighting the returns of two (c) Excludes restructuring and impairment charges and the net mark-to-market impact of our commodity hedges. applicable S&P Industry Groups (Non-Alcoholic Beverages and Food) by PepsiCo’s See page 95 for a reconciliation to the most directly comparable financial measure in accordance with GAAP. sales in its beverage and foods businesses. The returns for PepsiCo, the S&P 500, and the S&P Average indices are calculated through December 31, 2008. (d) Excludes restructuring and impairment charges, our share of The Pepsi Bottling Group’s restructuring and impairment charge, the net mark-to-market impact of our commodity hedges and certain tax items. Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 See page 95 for a reconciliation to the most directly comparable financial measure in accordance with GAAP. PepsiCo, Inc. $100 $114 $131 $141 $175 $130 (e) Includes the impact of net capital spending. Also, see “Our Liquidity and Capital Resources” S&P 500® $100 $111 $116 $135 $142 $ 90 in Management’s Discussion and Analysis. S&P® Avg. of Industry Groups*** $100 $110 $107 $124 $138 $113 PepsiCo, Inc. 2008 Annual Report Management Operating PepsiCo Mega-Brands Cash Flow** PepsiCo Estimated PepsiCo, Inc. has 18 mega-brands that generate $1 billion or more each in (in millions) Worldwide Retail Sales: annual retail sales (estimated worldwide retail sales in billions). $107 Billion IncludesestimatedretailsalesofallPepsiCoproducts, Pepsi-Cola includingthosesoldbyourpartnersandfranchisedbottlers. Mtn Dew Gatorade (Thirst Quencher, Tiger, G2, Propel) 2008 Scorecard Lay’s Potato Chips 10% Diet Pepsi 6% 3% Tropicana Beverages Doritos Tortilla Chips Volume Net Revenue Core Division Lipton Teas (PepsiCo/Unilever Partnership) Operating Profit* Quaker Foods and Snacks 29% Cheetos Cheese Flavored Snacks 7UP (outside U.S.) PepsiCo, Inc. S&P 500® Ruffles Potato Chips S&P® Average of Industry Groups*** 12% Aquafina Bottled Water 9% Mirinda Tostitos Tortilla Chips Core Earnings Total Return to Core Return on Sierra Mist Per Share* Shareholders Invested Capital* Walkers Potato Crisps *See page 95 for a reconciliation to the most directly comparable financial measure Fritos Corn Chips in accordance with GAAP. $0 $5 $10 $15 $20 PepsiCo, Inc. 2008 Annual Report Indra K. Nooyi Chairman and Chief Executive Officer Dear Fellow Shareholders, It is now two years since we introduced a new strategic mission to try to capture the heart and soul of PepsiCo. The simple but powerful idea of Performance with Purpose combines the two things that define what we do—growing the business, and acting as ethical and responsible citizens of the world. As I look back on 2008, I’m proud to report that Performance with Purpose is woven into the fabric of our company. Wherever we see success, we see both parts of our mission in action. PepsiCo, Inc. 2008 Annual Report All over the world, whether it’s Cedar Rapids or In PepsiCo Americas Foods we had another year Calgary, Shanghai or São Paulo, Mexico City, of strong growth to both the top and the bottom lines. Moscow or Mumbai, our associates draw strength That is testament to our strong brands and our efficient and inspiration from this shared mission. This go­to­market systems. This year brought unprece­ year’s annual report brings some of their stories dented cost inflation, but we carefully adjusted our to life. It shows how performance and purpose pricing and the weights and package formats across combine to great effect in everything we do. our brands to find the right solution for each channel, When times are tough it is especially important to each market, each customer and each consumer. be clear about your mission. By any measure, 2008 The year presented some other unexpected problems was a year of extremes, an incredibly volatile year. that we coped with well. Our flagship Quaker plant in Easy credit turned into a credit crunch that left Cedar Rapids, Iowa, experienced a major flood but many businesses and consumers strapped for cash. returned to normal production levels by year­end. In The global economy lurched rapidly into recession. Oil Latin America, our Brazil snacks business overcame a prices approached $150 a barrel before returning back fire at one of our major plants to perform really well. below $40. Corn, sugar, oats and other key commod­ We also refreshed the product portfolio. Frito­Lay ities saw significant price swings throughout the year. North America introduced TrueNorth nut snacks and Global business was made harder by foreign exchange entered a joint venture that offers Sabra refrigerated rates that fluctuated, at times wildly. The Dow Jones dips. Some of our established products powered on. Index began 2008 above 13,000 and ended the year The Quaker business and our market-leading Sabritas below 9,000. That dragged down even the strongest and Gamesa brands helped us generate tremendous companies’ stock—including PepsiCo shares. growth. On these strengths, PepsiCo Americas Foods All told, I can’t recall a more eventful or trying year. increased revenues by 11 percent and core operating Not that I think pessimism is in order. The ingenuity profit by 10 percent.* of our company showed through again. All our teams PepsiCo Americas Beverages had a difficult of extraordinary people applied their can­do spirit and year. In North America, our beverage volume was not must­do sense of responsibility to meet the economic immune to the overall category weakness triggered and market challenges head on. by the weak U.S. economy. As a result, PepsiCo As a result, PepsiCo performed slightly better for Americas Beverages revenues declined by 1 percent the year than both the Dow Jones Industrial Average and core operating profit fell by 7 percent.* But and the S&P 500. I believe that’s because, while we PepsiCo has proved time and again our skill in can’t control market volatility, we remained focused anticipating and responding to market changes and on our strategies for growth, and that is why our consumer preferences. Liquid refreshment beverages underlying businesses continued to perform very in the United States declined in 2008 for the first well in 2008. time in more than 50 years. We acted quickly and We increased our dividend, continued our share decisively to refresh the category. We refreshed repurchase program and positioned ourselves for the look of our iconic brands Pepsi-Cola, Mtn Dew, even stronger performance as economic conditions Sierra Mist and Gatorade.
Load more

Recommended publications
  • Case 23 Pepsico's
    BFV GROUP : Beatrice Teresa Colantoni, Francesco Morgia, Valentina Palmerio. PepsiCo’s Business Case – CASE 23 PEPSICO’S HISTORY. PepsiCo, Inc., was established in 1965 when PepsiCola and Frito-Lay shareholders agreed to a merger between the salty-snack icon and soft-drink giant. The new company was founded with annual revenues of $510 million and such well-known brands as Pepsi-Cola, Mountain Dew, Fritos, Lay’s, Cheetos, Ruffles, and Rold Gold. By 1971, PepsiCo had more than doubled its revenues to reach $1 billion. The company began to pursue growth through acquisitions outside snacks and beverages as early as 1968, but its 1977 acquisition of Pizza Hut significantly shaped the strategic direction of PepsiCo for the next 20 years. The acquisitions of Taco Bell in 1978 and Kentucky Fried Chicken in 1986 created a business portfolio described by Wayne Calloway (PepsiCo’s CEO between 1986 and 1996) as a balanced three-legged stool. Calloway believed the combination of snack foods, soft drinks, and fast food offered considerable cost sharing and skill transfer opportunities. PepsiCo strengthened its portfolio of snack foods and beverages during the 1980s and 1990s, adding also quick-service restaurant. By 1996 it had become clear to PepsiCo management that the potential strategic-fit benefits existing between restaurants and PepsiCo’s core beverage and snack businesses were difficult to capture. In 1997, CEO Roger Enrico spun off the company’s restaurants as an independent, publicly traded company to focus PepsiCo on food and beverages. Soon after the spinoff of PepsiCo’s fast-food restaurants was completed, Enrico acquired Cracker Jack, Tropicana, Smith’s Snackfood Company in Australia, SoBe teas and alternative beverages, Tasali Snack Foods (the leader in the Saudi Arabian salty-snack market), and the Quaker Oats Company.
    [Show full text]
  • Frito-Lay Peanut/Tree Nut Free Processing Facilities – Information Sheet
    Frito-Lay Peanut/Tree Nut Free Processing Facilities – Information Sheet As of February 27, 2014 the following Food Service/Vend products DO NOT CONTAIN PEANUT AND/OR TREE NUT INGREDIENTS AND ARE NOT PRODUCED IN PEANUT/TREE NUT MANUFACTURING FACILITIES*: Baked! Cheetos® Cheese Snacks Fritos® Corn Chips Baked! Doritos® Tortilla Chips Funyuns® Onion Snacks Baked! Lay’s® Potato Chips Lay’s® Potato Chips Baked! Ruffles® Ridged Potato Chips Lay’s® Kettle Cooked Potato Chips Baked! Tostitos® Scoops® Tortilla Chips Miss Vickies® Kettle Cooked Potato Chips Baken-ets® Pork Skins Ruffles® Ridged Potato Chips Cheetos® and RF Cheetos® Cheese Snacks Santitas® Tortilla Chips Cheetos® Fantastix® Snacks SunChips® Multigrain Chips Chester’s® Hot Fries Smartfood® Delight White Cheddar Popcorn Doritos® and RF Doritos® Tortilla Chips Tostitos® Tortilla Chips and RF Tostitos® Tortilla Chips As of February 27, 2014, the following Food Service/Vend products DO NOT CONTAIN PEANUT AND/OR TREE NUTS.* HOWEVER, THEY MAY BE PRODUCED IN FACILITIES WHERE PRODUCTS CONTAINING PEANUT AND/OR TREE NUT INGREDIENTS ARE ALSO PRODUCED. Munchies® Snack Mixes Smartfood® White Cheddar Popcorn Quaker® Kids Snack Mixes Rold Gold® Pretzels Stacy’s® Pita Chips As of February 27, 2014 the following Food Service/Vend products CONTAIN PEANUT AND/OR TREE NUT INGREDIENTS AND/OR ARE PRODUCED IN FACILITIES WHERE PRODUCTS CONTAINING PEANUT AND/OR TREE NUT INGREDIENTS ARE PROCESSED. Frito-Lay® Nuts Grandma’s® Cookies Munchies® Crackers *The products listed do not contain Peanut or Tree Nut Ingredients; however, they have not been tested for the inadvertent presence of Peanuts and/or Tree Nuts Ingredients. .
    [Show full text]
  • View Annual Report
    2 Letter to Shareholders 10–11 Financial Highlights 12 The Breadth of the PepsiCo Portfolio 14 Reinforcing Existing Value Drivers 18 Migrating Our Portfolio Towards High-Growth Spaces Table 22 Accelerating the Benefits of of Contents One PepsiCo 24 Aggressively Building New Capabilities 28 Strengthening a Second-to-None Team and Culture 30 Delivering on the Promise of Performance with Purpose 33 PepsiCo Board of Directors 34 PepsiCo Leadership 35 Financials Dear Fellow Shareholders, Running a company for the long • We delivered +$1 billion savings term is like driving a car in a race in the first year of our productiv- that has no end. To win a long race, ity program and remain on track you must take a pit stop every now to deliver $3 billion by 2015; and then to refresh and refuel your • We achieved a core net return car, tune your engine and take other on invested capital3 (roic) of actions that will make you even 15 percent and core return on faster, stronger and more competi- equity3 (roe) of 28 percent; tive over the long term. That’s what • Management operating cash we did in 2012—we refreshed and flow,4 excluding certain items, refueled our growth engine to help reached $7.4 billion; and drive superior financial returns in • $6.5 billion was returned to our the years ahead. shareholders through share repurchases and dividends. We invested significantly behind our brands. We changed the operating The actions we took in 2012 were model of our company from a loose all designed to take us one step federation of countries and regions further on the transformation to a more globally integrated one to journey of our company, which enable us to build our brands glob- we started in 2007.
    [Show full text]
  • Some Suppliers Worry About Tesla Tion’S Internal Deliberations
    . ****** TUESDAY, AUGUST 21, 2018 ~ VOL. CCLXXII NO. 43 WSJ.com HHHH $4.00 DJIA 25758.69 À 89.37 0.3% NASDAQ 7821.01 À 0.1% STOXX 600 383.23 À 0.6% 10-YR. TREAS. À 14/32 , yield 2.823% OIL $66.43 À $0.52 GOLD $1,186.80 À $10.30 EURO $1.1484 YEN 110.07 What’s Long Wait Ends With an Embrace for Separated Korean Families U.S. News Toughens Business&Finance Stance esla’s tumultuous year On China Thas fueled concern among some suppliers about the electric-car maker’s fi- Tariffs nancial strength, after pro- duction of the Model 3 BY BOB DAVIS drained some of its cash. A1 AND ANDREW DUEHREN PepsiCo agreed to buy WASHINGTON—The Trump seltzer-machine maker administration is moving SodaStream for $3.2 billion, closer this week to levying tar- the company’s latest move iffs on nearly half of Chinese to broaden its offerings. A1 imports despite broad opposi- Tyson Foods struck a tion from U.S. business and deal to acquire Keystone the start of a fresh round of Foods, a top meat supplier talks between the U.S. and to McDonald’s and other China aimed at settling the chains, for $2.16 billion. B1 trade dispute. The twin administration ini- France’s Total is having tiatives—pursuing tariffs on difficulty unloading its $200 billion of Chinese goods stake in a $5 billion natu- while relaunching talks to ral-gas project in Iran to a scrap tariffs—reflect a split Chinese partner.
    [Show full text]
  • Copycat Snacks in Schools by Cara Wilking, J.D
    The Public Health PHAI Advocacy Institute MAY 2014 Copycat Snacks in Schools by Cara Wilking, J.D. Introduction The Healthy, Hunger-Free Kids Act of 2010 (HHFKA) authorized the U.S. Department of Agriculture (USDA) to set nutrition standards for all foods and beverages sold in schools.1 Prior to the HHFKA, the USDA only promulgated rules for items sold outside of the National School Lunch Program (NSLP) that were of “minimal nutritional value,” such as soda, gum, and candy.2 Starting July 1, 2014, all foods sold outside of the NSLP, such as food from vending machines and school stores, will have to meet USDA “Smart Snacks” nutrition criteria. Not wanting to lose the in-school marketing opportunity, major food companies like PepsiCo are producing reformulated versions of popular junk foods like Cheetos® and Doritos® that meet the Smart Snacks criteria, but use the same brand names, logos and spokescharacters as are used to market traditional junk food. These copycat snacks are not widely available for purchase outside of schools and are clearly designed to co-market traditional junk food to children in school. This issue brief describes copycat snacks, how they undermine nutrition education efforts, and what can be done to stop the sale and marketing of these products in schools. Copycat Snacks Copycat snacks are a vehicle for food companies to co-market their popular unhealthy, junk food brands in schools. Copycat snacks meet USDA Smart Snacks nutrition criteria, but are marketed using brand names, product names, logos, and spokescharacters that are also used to market junk food.
    [Show full text]
  • A Leading Supplier for Profit Producing Solutions!
    No Contracts. No Minimums. No Delivery Charges. No Fuel Charges. A Leading Supplier for Profit Producing Solutions! To i Ton s insureu r e thet h emost m o ups tto u datep t onutritional d a t e n andu t r allergeni t i o n ainformation,l a n d a l lpleasee r g e contactn i n f other m manufacturera t i o n , p l ine aquestions e c o ndirectly.t a c t tOurh e peanutm a n ufreef a csymbolt u r e r i n q u emeanss t i o nthe d manufacturer’si r e c t l y . O uingredientr p e a n listu t doesf r e note s containy m b o peanutsl m e a andn s ttheh a manufacturert t h e m a n hasu f aissuedc t u ar epeanutr ’ s i nfreeg r facilitye d i e nstatement.t l i s t d o e s n o t c o n t a i n p e a n u t s a n d t h e m a n u f a c t u r e r h a s n o t i s s u e d a p e a n u t f r e e f a c i l i t y s t a t e m e n t . The nutrition information provided in this brochure reflects the current information provided to Commercial Foods by its suppliers.
    [Show full text]
  • Pepsico Reports Solid Fiscal Third-Quarter Results With
    PepsiCo Reports Solid Fiscal Third -Quarter Results with Increases in Profitability an ... Page 1 sur 18 PepsiCo Reports Solid Fiscal Third-Quarter Results with Increases in Profitability and Strong Cash Flow PepsiCo Reports Solid Fiscal Third-Quarter Results with Increases in Profitability and Strong Cash Flow Click here to download. PURCHASE, N.Y., Oct. 8 /PRNewswire-FirstCall/ -- PepsiCo, Inc. (NYSE: PEP) today reported solid profit performance in the third quarter of 2009, reflecting the company's balanced approach to investing in value and innovation in key markets as well as productivity and cost discipline across Reported EPS was $1.09, and in constant currency the company delivered 5 percent net revenue growth and an 8 percent Indra Nooyi, PepsiCo Chairman and Chief Executive Officer, said "PepsiCo's diversified food and beverage portfolio and our advantaged business model continued to drive solid results this quarter. Our teams around the world leveraged PepsiCo's agile go-to-market system to deliver our brands value to consumers, who are still feeling the pinch of the global recession despite improving macroeconomic "We will continue to make targeted investments across our entire portfolio, and we expect these to ramp up next year as we begin to realize the benefits of integration of our two anchor bottlers. These investments in innovation, infrastructure, key markets and people development, and focus, give me great confidence in both the near -and long -term growth prospects of PepsiCo, " Nooyi continued. Richard Goodman, PepsiCo Chief Financial Officer said, "As we prepare for 2010, we are targeting EPS growth of 11 to 13 percent in core As we progress through 2010, if we do better than this range we will take the opportunity to make additional strategic to enhance our competitiveness.
    [Show full text]
  • Compliant Chips Compliant Chips Menu Only Compliant Snacks
    ORDER FORM Hayes Phone: 707-746-1660 School: _______________________________ District: _______________________________________ Distributing Fax: 707-746-1665 Honey Graham w/Calcium 150/3 ct. Raisels Sour Watermelon Compliant Compliant /case 200ct/1.5oz /case Kelloggs Crunchmania Cinn Bun - Truitt Chips Snacks 100ct /case Hummus Chili Lime Dippers Frito Lay Basil's Kelloggs Crunchmania French 120/1.75 oz /case Toast - 100ct /case Baked BBQ 60ct /case Chocolate Chip Mini Bites Hummus Traditional Cups 120/1.90 Kelloggs Mini WG RK Treats 60ct/1.5oz /case oz /case Baked Sour Cream & Onion 60ct 600/.42 oz /case /case Buzz Strong Cookies Natural Vegetarian Chili 6/6.5 lb. Kelloggs RK Treats Choc Chip /case Baked CSC Cheddar Sour Cream Buzz Cake Cookie 60/1.5 oz /case 80/1.3 oz /case 60ct/case /case Welch's Buzz Chocolate Chip 60ct/1.5oz Kelloggs WG RK Treats 80ct/1.3 oz Welch's USDA Fruit Snack Berries Baked Tostitos Scoops 72ct /case /case /case & Cherries 144ct/1.5oz /case Bulk R/F Frito Corn Chips 8/16oz Dakota Gourmet Kelloggs Zesta WG Mini Saltines Welch's USDA Mixed Fruit Snacks /case 300ct /case Dakota Honey Seed 150ct/1oz 144ct/1.5 oz /case Cheeto Puff Flamin Hot Red Fat /case Rice Krispie Granola Bars Apple 72ct/.7oz /case Western Smokehouse Dakota RS Seed 150ct/1oz /case Cinn 96ct /case Cheeto Puff Red Fat 72ct /case Beef Sticks BBQ 24/.75 oz /box General Mills Rice Krispie Granola Bars Berry Cool Ranch Red Fat 72ct /case 96ct /case Beef Sticks Jalapeno 24/.75 oz /box Annie's Bunny Graham Snack Flamas Reduced Fat 72 ct.
    [Show full text]
  • 2007 Annual Report
    Common Stock Information Shareholder Information PepsiCo Stock Purchase Program — for Canadian employees: Fidelity Stock Plan Services Stock Trading Symbol — PEP Annual Meeting P.O. Box 5000 Contents Stock Exchange Listings The Annual Meeting of Shareholders will be held at Frito-Lay Cincinnati, OH 45273-8398 The New York Stock Exchange is the principal market for Corporate Headquarters, 7701 Legacy Drive, Plano, Texas, Telephone: 800-544-0275 1 ...... Financial Highlights PepsiCo common stock, which is also listed on the Chicago on Wednesday, May 7, 2008, at 9:00 a.m. local time. Website: www.iStockPlan.com/ESPP and Swiss Stock Exchanges. Proxies for the meeting will be solicited by an independent Please have a copy of your most recent statement available 2 ...... Letter to Shareholders Shareholders proxy solicitor. This Annual Report is not part of the proxy when calling with inquiries. solicitation. 7 ...... Questions & Answers As of February 8, 2008, there were approximately 185,000 10..... Leadership Team shareholders of record. Inquiries Regarding Your Stock Holdings If using overnight or certified mail send to: Fidelity Investments 12..... PepsiCo Americas Foods Dividend Policy Registered Shareholders (shares held by you in your name) should address communications concerning transfers, state- 100 Crosby Parkway 14..... PepsiCo Americas Beverages We target an annual dividend payout of 50% of prior year’s ments, dividend payments, address changes, lost certificates Mail Zone KC1F-L earnings, excluding certain items. Dividends are usually 16..... PepsiCo International and other administrative matters to: Covington, KY 41015 19..... Purpose: Human, Environment, Talent declared in late January or early February, May, July and November and paid at the end of March, June and 29....
    [Show full text]
  • Participating Products UPC Code
    PROMOTION SCORE 20$ WHEN YOU BUY 20$ - Participating products UPC code Product description 069000010020 Pepsi sf.dr.btl.QC 355ml 069000010785 Pepsi diet sf.dr.btl.QC 355ml 069000010129 Pepsi sf.dr.can.QC 473ml 069000009918 Pepsi sf.dr.btl.QC 591ml 069000019832 Pepsi diet sf.dr.btl.QC 591ml 069000009826 Pepsi sf.dr.btl.QC 1l 069000010631 Pepsi diet sf.dr.btl.QC 1l 069000002612 Pepsi sf.dr.btl.QC 2l 069000012611 Pepsi diet sf.dr.btl.QC 2l 069000147917 Pepsi sf.dr.btl.QC 4x355ml 069000149027 Pepsi sleek sf.dr.can.QC 6x222ml 069000149041 Pepsi diet sleek sf.dr.can.QC 6x222ml 069000160220 Pepsi mini sf.dr.can QC 15x222ml 069000160213 Pepsi mini diet sf.dr.can QC 15x222ml 069000009840 Pepsi sf.dr.btl.QC 6x710ml 069000010662 Pepsi diet sf.dr.btl.QC 6x710ml 069000010037 Pepsi sf.dr.btl.QC 8x355ml 069000010792 Pepsi diet sf.dr.btl.QC 8x355ml 069000004289 Pepsi orig.sf.dr.can QC 12x355ml 069000014288 Pepsi diet sf.dr.can QC 12x355ml 069000013748 Pepsi Max diet in.sf.dr.btl.QC 591ml 069000013762 Pepsi Max diet inv.sf.dr.btl.QC 2l 069000013830 Pepsi Max no calor.sf.dr.btl.QC 6x710ml 069000013717 Pepsi Max 0cal.sf.dr.can QC 12x355ml 069000148150 Pepsi Next 30%-sug.sf.dr.can QC 12x355ml 069000202616 Pepsi diet caffei.fr.sf.dr.btl.QC 2l 069000202739 Pepsi cafe.fr.di.sf.dr.btl.QC 6x710ml 069000051061 Pepsi caf.free sf.dr.can QC 12x355ml 069000204283 Pepsi diet caf.f.sf.dr.can QC 12x355ml 069000400432 Pepsi lime sf.dr.can QC 12x355ml 069000400739 Pepsi diet lime sf.dr.can QC 12x355ml 069000008102 Pepsi lemon twist sf.dr.btl.QC 591ml 069000300008 Pepsi
    [Show full text]
  • How-A-Janitor-At-Frito-Lay-Invented
    https://thehustle.co/hot-cheetos-inventor/ How a janitor at Frito-Lay invented Flamin’ Hot Cheetos Richard Montañez went from cleaning toilets to being one of the most respected execs in the food industry. BY Zachary Crockett November 29, 2017 On an early morning in the late 1980s, a group of the highest-powered executives at Frito-Lay — the CEO, CMO, and a platoon of VPs — gathered in a California conference room to hear what Richard Montañez had to say. Montañez didn’t share their pedigree. He wasn’t an executive. He had no fancy degree. He had a 4th- grade-level education, and couldn’t read or write. Montañez was a janitor. But he was a janitor with an idea — an idea that would make the company billions of dollars and become one of history’s most celebrated and iconic snack foods: Flamin’ Hot Cheetos. But first, he had to convince the world to hear him out. Picking grapes Montañez grew up in the 1960s in Guasti, California, a tiny unincorporated farming town 40 miles east of Los Angeles. Under the sweltering Cucamonga Valley sun, his family — mother, father, grandfather, and 11 children — scraped together a meager living picking grapes, and slept together in a one-room cinderblock abode at the labor camp. As a first-generation Mexican immigrant at an all-white school, Montañez had access to few resources and struggled to understand his teachers. “I remember my mom getting me ready for school and I was crying,” he later told Lowrider magazine. “I couldn’t speak English.” One day in class, the teacher went around the room asking each kid to name his or her dream job: Doctor… astronaut… veterinarian.
    [Show full text]
  • SDI JUL09.Qxd 22/7/09 17:07 Page a This Is Michael at the Heart of His Forest
    SDI JUL09.qxd 22/7/09 17:07 Page A This is Michael at the heart of his forest. It is one of the places where our suppliers source wood for our paper-based cartons. We work closely with all our suppliers to ensure that our paper comes from responsibly managed forests, where new trees replace what has been harvested. As the industry leader, Tetra Pak works to protect what’s good for a better planet. Learn more about us at www.tetrapak.com Tetra Pak is the world’s leading food processing and packaging solutions company. Tetra Pak, and PROTECTS WHAT S GOOD are trademarks belonging to the Tetra Pak Group. www.tetrapak.com SDI JUL09.qxd 22/7/09 17:07 Page 2 2 COMMENT Soft Drinks International – JULY 2009 Published by ASAP Publishing Limited Editor Philip Tappenden News Editor Annette Sessions Correspondents: EUROPE Nature rules Gerard O’Dwyer Lubomír Sedlák Bernadette Tournay The UK has had its first heatwave of the year: temperatures in June soared to 32ºC (90ºF) resulting in the hottest, driest and sunniest month since July 2006; just the ray of sun- ASIA & PACIFIC Kelvin King shine needed to lift the spirits of producers of soft drinks, particularly bottled water T. C. Malhotra products. The impact that weather has on sales of soft drinks is fundamental: as temperatures AMERICAS Richard Davis rise, people become dehydrated and thirsts need to be quenched. And arguably drink- ing bottled water from a chiller cabinet in a handy format is the most satisfying way of Market Analyst slaking that thirst, as the recent Wimbledon lawn tennis championships demonstrated.
    [Show full text]