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PepsiCo continued its quest to offer consumers healthier food and beverage options in 2019, with the acquisitions of Hormel's CytoSport business, which makes Muscle Milk protein shakes, and BFY Brands, producer of PopCorner snacks. Ramon Laguarta, the successor to longtime CEO Indra Nooyi, ended his first year on the job with strong revenues of $67.1 billion, up from $64.7 billion in 2018. Now he finds himself with a pandemic to navigate. While quarantining consumers stocked up on Quaker products and Tostitos chips, an expected lag in beverage sales at gas stations and restaurants compelled PepsiCo, an advertising stalwart, to curtail its marketing spend in early 2020.
Jiang Qiming—China News Service/Getty Images
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