Ownership transfers designed to drive local growth, companies say
Purchase, N.Y.-based PepsiCo and two of its independent bottlers, Raleigh, N.C.-based Pepsi Bottling Ventures LLC (PBV) and the Honickman Group's Pepsi-Cola Bottling Company of New York (PCNY), College Point, N.Y., announced their intent to transfer certain franchise ownerships in New York, North Carolina, Idaho and Vermont in order to drive local growth.
PepsiCo has agreed in principle to swap five counties of its company-owned North Carolina territory, including Charlotte, to PBV in exchange for PBV's 11 counties in Vermont and 18 counties in Idaho, which are contiguous to other PepsiCo-owned bottling territories. PBV, in turn, has agreed to sell its Long Island, N.Y., territory, including Nassau and Suffolk counties, to the Honickman Group's PCNY, which already operates in each of New York City's five boroughs and New York's Westchester County.