The FINANCIAL -- PepsiCo and Ocean Spray Cranberries, Inc. today announced they have formed a strategic alliance in Latin America, according to PepsiCo.

As part of the alliance, PepsiCo will have exclusive rights to manufacture and distribute a portfolio of cranberry- and blueberry-based beverages through its Latin America Beverages division.  The companies will share marketing responsibilities for the products and intend to collaborate on product innovation.

PepsiCo and Ocean Spray have enjoyed a successful business relationship in the U.S. since 2006, when Ocean Spray's single-serve juices and juice drinks entered the PepsiCo bottling system.  As a result of this relationship, which utilizes PepsiCo's market leadership and expertise in the convenience and gas channel, Ocean Spray has earned a five percent share of the C&G single-serve juice market and grew volume by 20 percent in 2011.

The Latin America alliance between PepsiCo and Ocean Spray includes key countries in the Caribbean, Central America and South America and has a term of 20 years.  Financial terms of the transaction were not disclosed.

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