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Biz News Korea(Eng)

Lotte Chilsung completes acquisition of Pepsi Philippines

Collected: 2023.10.05

Distributed: 2023.10.06

Source: Go Direct

[Courtesy of Lotte Chilsung Beverage]

South Korea’s Lotte Chilsung Beverage has completed the acquisition of Pepsi Cola Products Philippines (PCPPI), the second-largest beverage manufacturer in the Philippines and boasting an annual sales figure of nearly 1 trillion won ($737 million).

The acquisition process was officially concluded with a report to the Philippine Securities and Exchange Commission on September 29, as announced by Lotte Chilsung Beverage on Wednesday. The move is also indicative of Lotte Chilsung Beverage’s determination to become a major player in the global beverage industry.

Lotte Chilsung Beverage began its foray into the global market in 2010 by acquiring a 34.4 percent stake in PCPPI and via co-management with global food and beverage giant PepsiCo. Over the years, Lotte Chilsung Beverage deepened its engagement by securing additional stakes through tender offers and gained full control of PCPPI after 13 years.

With the acquisition, PCPPI will operate as a subsidiary of Lotte Chilsung Beverage, and its performance will be consolidated in the financial statements starting from the fourth quarter of 2023.

Lotte Chilsung Beverage anticipates that the integration of PCPPI’s performance into consolidated financial statements will boost its sales to surpass 4 trillion won in the upcoming year.

“With this acquisition, the percentage of our overseas sales in 2024 is expected to surpass 30 percent of our total revenue, including exports,” according to a Lotte Chilsung Beverage spokesperson.

By Ahn Byung-joon and Minu Kim

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