After less than five months on the job, PepsiCo's new CEO, Ramon Laguarta, just made his first big move, scooping up protein product maker Muscle Milk from Hormel Foods Corp. for an undisclosed amount
Hormel, which is known for brands such as Justin's peanut butter and Spam, announced on Tuesday the sale of its CytoSport unit. In addition to Muscle Milk, CytoSport makes Evolve Protein products and is a sports and wellness company.
The deal is expected to close in 30 to 60 days and will be released on Thursday during its earnings call
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Hormel CEO Jim Snee said that PepsiCo is in "the business to grow" the business
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About the last few years, Pepsi has been betting big on snacks.
Last year, it acquired Bare Foods, a dried fruit and vegetable snack company. It is also home to big snack brands such as Frito-Lay and Quaker.