Food Business News - February 16, 2021 - 9

Committee will review Jana's nominees in
accordance with its normal process.
This is not the first time that Jana
has pushed for consolidation in the food

and beverage category. In 2018, Jana
called for the sale of Pinnacle Foods,
Inc. Pinnacle ultimately was acquired by
Conagra Brands, Inc. later in 2018. And in

PepsiCo aims to
become a bigger
player in the energy
drink market.

PEPSICO

PEPSICO

Snacks success helps offset
beverage challenges at PepsiCo

2017 Jana pushed Whole Foods Market to
consider strategic options. Whole Foods
was acquired by Amazon a few months
later. FBN

PURCHASE, NY. - Acceleration in its global
beverage business coupled with resilience
in its global snacks and food business

propelled PepsiCo, Inc. to a strong finish
in fiscal 2020, said Ramon L. Laguarta,
chairman and chief executive officer.
" Our results were indicative of the
strength and resilience of our highly dedicated employees, diversified portfolio, agile supply chain and go-to-market systems
and strong marketplace execution even
in the face of difficult COVID-19 challenges, " Mr. Laguarta said. " Moving forward,
we remain committed to supporting our
employees, customers and communities.
In addition, we will continue to focus on
winning in the marketplace and investing
to build competitive advantages that will
enable us to become an even faster, stronger and better organization. "
Net income attributable to PepsiCo
for the year ended Dec. 26, 2020, was
$7.12 billion, equal to $5.12 per share on
the common stock, down 2.7% from $7.31

billion, or $5.20 per share, in fiscal 2019.
Excluding restructuring and impairment
charges, pension-related settlement
charges, net tax benefits and other items
affecting comparability, adjusted net
income was $7.69 billion, which compared
with $7.78 billion the year before.
Net revenue totaled $70.37 billion, up
4.8% from $67.16 billion.
For the fourth quarter, net income
increased 4.5% to $1.85 billion, or $1.33
per share, from $1.77 billion, or $1.26 per
share, in the comparable period. On an adjusted basis, net income of $2.04 billion in
the recent quarter compared with $2.035
billion the year before.
Net revenue advanced 8.8% to $22.46
billion from $20.64 billion.
Operating profit in the Frito-Lay
North America unit totaled $5.34 billion
in fiscal 2020, up 1.6% from $5.26 billion

PURCHASE, NY. - Pearl Milling Co. is the new name of the Aunt Jemima line of products from PepsiCo, Inc. The company announced
plans to rebrand the line of pancake mixes, syrups and other products this past June due to its origins in racist imagery.
Pearl Milling Co.-branded products will reach grocery store
shelves starting in June 2021. The line will continue to be packaged in the same red packaging previously found under the Aunt
Jemima brand.
The Pearl Milling Co. was founded in 1888 and created the
self-rising pancake mix that later became known as Aunt Jemima,
according to PepsiCo.
" The name change could not come at a better time for some, "
said Khalid Peerbaccus, a senior researcher with GlobalData, a
market research company. " GlobalData has found that 43% of
consumers globally say that, in the current situation, how ethical/
socially responsible a product or service is often or always has the
greatest influence on their purchase choice, while a further 33% admit that this somewhat affects their product choices. Aunt Jemima
is a well-established brand, and so this move is less risky and the
decision will be popular with younger consumers.

February 16, 2021

PEPSICO

PepsiCo rebrands Aunt Jemima line of products

The company announced plans to overhaul the packaging this past June
due to its origins in racist imagery.

" While those that have grown accustomed to the Aunt
Jemima brand name may not be so easily sold on a name change,
the reasons for doing so are clearly well intentioned. The brand has
done well to shed itself of an image that is no longer acceptable in
today's world where consumers are increasingly looking to make
more ethically and socially responsible decisions. " FBN

Food Business News

9



Food Business News - February 16, 2021

Table of Contents for the Digital Edition of Food Business News - February 16, 2021

Food Business News - February 16, 2021 - 1
Food Business News - February 16, 2021 - 1
Food Business News - February 16, 2021 - 2
Food Business News - February 16, 2021 - 3
Food Business News - February 16, 2021 - 4
Food Business News - February 16, 2021 - 5
Food Business News - February 16, 2021 - 6
Food Business News - February 16, 2021 - 7
Food Business News - February 16, 2021 - 8
Food Business News - February 16, 2021 - 9
Food Business News - February 16, 2021 - 10
Food Business News - February 16, 2021 - 11
Food Business News - February 16, 2021 - 12
Food Business News - February 16, 2021 - 13
Food Business News - February 16, 2021 - 14
Food Business News - February 16, 2021 - 15
Food Business News - February 16, 2021 - 16
Food Business News - February 16, 2021 - 17
Food Business News - February 16, 2021 - 18
Food Business News - February 16, 2021 - 19
Food Business News - February 16, 2021 - 20
Food Business News - February 16, 2021 - 21
Food Business News - February 16, 2021 - 22
Food Business News - February 16, 2021 - 23
Food Business News - February 16, 2021 - 24
Food Business News - February 16, 2021 - 25
Food Business News - February 16, 2021 - 26
Food Business News - February 16, 2021 - 27
Food Business News - February 16, 2021 - 28
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Food Business News - February 16, 2021 - 55
Food Business News - February 16, 2021 - 56
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Food Business News - February 16, 2021 - 60
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Food Business News - February 16, 2021 - 62
Food Business News - February 16, 2021 - 63
Food Business News - February 16, 2021 - 64
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