The American food, snack, and beverage corporation PepsiCo has announced Monday that it will be buying SodaStream, the Israeli company that sells the popular consumer home carbonation product that turns tap water into sparkling flavored water.
SodaStream has had an impressive year when it comes to sales. The company's shares have spiked by 80 percent in 2018.
PepsiCo will be buying its former rival SodaStream for $3.2 billion in cash, which is $144 per share.
SodaStream was founded back in 1991 but was bought by the Israeli firm Soda-Club in 1996, this is when the company's marketing emphasis started to focus more on healthy beverages.
Daniel Birnbaum became SodaStream's CEO in 2007 and believes that under PepsiCo, the company and its products will be taken to the "next level."
"Today marks an important milestone in the SodaStream journey. It is validation of our mission to bring healthy, convenient and environmentally friendly beverage solutions to consumers around the world. We are honored to be chosen as PepsiCo's beachhead for at home preparation to empower consumers around the world with additional choices," said Birnbaum in a press release. "I am excited our team will have access to PepsiCo's vast capabilities and resources to take us to the next level. This is great news for our consumers, employees and retail partners worldwide."
This is PepsiCo's latest move to cater to the eco-friendly consumer.
"Daniel and his leadership team have built an extraordinary company that is offering consumers the ability to make great-tasting beverages while reducing the amount of waste generated. That focus is well-aligned with Performance with Purpose, our philosophy of making more nutritious products while limiting our environmental footprint. Together, we can advance our shared vision of a healthier, more-sustainable planet," said Indra Nooyi, PepsiCo CEO, who is stepping in October.
Pepsico has also invested in innovative products like the company's Flavorworks program, which offers snack products with exciting recipes. See the recent video below to learn more.
Learn more about the beverage and snack giant's acquisition of SodaStream at "Quartz."