Food Industry
Industry: Email Alert RSS FeedOcean Spray rejects PepsiCo deal.(Industry Issues)(Ocean Spray Cranberries Inc.)(PepsiCo Inc.)(Brief Article)
Beverage Industry, July, 2004
Independent Ocean Spray grower/owners will remain that way after narrowly rejecting a deal to form a joint venture with PepsiCo. Members of the Lakeville-Middleboro, Mass.-based cooperative voted 52 percent to 48 percent against the proposed venture.
Reinforcing the decision, Ocean Spray announced it will "cease all talks with PepsiCo and other potential investors." The co-op's board and management did leave the door open, though, to explore opportunities to work with other companies to maximize the potential of the Ocean Spray brand and grow profits while remaining independent.
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