PEPSICO TO SELL TROPICANA, OTHER BRANDS FOR US$3.3B

Pepsico Inc. unveiled a Us$3.3-billion sale of its Tropicana and other juice brands in North America to French private equity firm PAI Partners on Tuesday, as it looks to simplify its product range and move away from high-sugar drinks. The company, which bought the orange juice maker in 1998 for roughly US$3.3 billion and U.s.-based Naked Juice nearly a decade later for US$150 million, will keep a 39 per cent stake in the new joint venture and have exclusive U.S. distribution rights for the brands. Rival Coca-cola Co. has also been streamlining its product

range over the past year.