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Amid all of Monday's chatter about changes at Citigroup Inc., IAC/InteractiveCorp, Kraft Foods Inc. and Time Warner Inc., it seems PepsiCo Inc.'s plan to split into three went overlooked. Basically, PepsiCo is dividing its U.S. food and beverage operations into two units and then creating a separate unit for most of its international assets.
Frito-Lay and Quaker will form PepsiCo Americas Foods, and the soda business will combine with Gatorade and Tropicana to form PepsiCo Americas Beverages. PepsiCo is using the term Americas to encompass the two continents, not just the U.S., so PepsiCo International will include all business in Europe, Asia, the Middle East and Africa. The restructuring is a natural development that perhaps should have occurred following PepsiCo's $13.9 billion acquisition of Quaker in 2001. Additionally, while there is no indication that the restructuring portends dealmaking, it likely will make deals easier. — Matthew Wurtzel
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