PepsiCo announced that it has completed the redemption and acquisition of General Mills' 40.5% ownership interest in Snack Ventures Europe (SVE) for $750 million. This ends the SVE joint venture, and its operations are now wholly owned by PepsiCo. This transaction, originally announced December 13, 2004, was funded with available cash.
SVE was established in July 1992 by combining General Mills' savory snack and sweet biscuit businesses in France, Belgium and The Netherlands with PepsiCo's salty and sweet snack businesses in Spain, Portugal and Greece. The venture is continental Europe's largest snack food company, with annual sales of more than $1 billion. Products marketed by SVE include: 3-Ds, Bugles, Doritos, Fritos, Hamka's, Lay's, Ruffles and Cheetos.