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PepsiCo will buy tortilla-chip maker Siete Foods for $1.2 billion, the Frito-Lay owner said on Tuesday, beefing up its portfolio amid a shift among cost-conscious consumers to private label brands.
Texas-based Siete Foods, founded in 2014 by Veronica Garza, also makes products such as enchilada sauce and Mexican wedding cookies.
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The transaction is expected to close in the first half of 2025.
Deal-making in the packaged food industry has been robust as companies look to strengthen their portfolios to attract picky consumers grappling with still-high food prices.
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