Tingyi Holding Corp., Tianjin, China, and Purchase, N.Y-based PepsiCo Inc. announced that the two parties have completed their transaction to create a strategic beverage alliance in China. The alliance was approved by the shareholders of Tingyi in February and received regulatory approval March 29. Tingyi beverage subsidiary Tingyi-Asahi Beverage Holding Co. Ltd. (TAB) now is PepsiCo's franchise bottler in China. TAB will partner with PepsiCo's current bottlers to manufacture, sell and distribute PepsiCo's carbonated soft drink and Gatorade brands, the companies said in a statement. In addition, PepsiCo and TAB will begin co-branding their respective juice drink brands using the Tropicana brand name that is under license from PepsiCo, which will retain branding and marketing responsibilities for the products.
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