Word: enrico
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...spin-off will leave Pepsi's concentrate and bottling setup looking a lot more like Coke's. "It's a better mousetrap," Enrico concedes with a grin. "And there's no pride in this, so why not do it ourselves?" To add to his new mix, Enrico last August spent $3.3 billion on America's leading premium juicemaker, Tropicana. Last year PepsiCo had total sales of $22.3 billion...
...Enrico's revolution has already put Pepsi in a position where it can hurt Coke. For the first time in years, the Big Red growth machine is double-clutching, feeling the dark side of globalization in places like Brazil, its third largest market, where the recent devaluation hurt business severely. Coke's sales are also weak across Asia, and the company's huge investment in Russia is underwater. Pepsi needs to make a dent in Coke away from home, because the Atlantans derive most of their profits outside the U.S., where Coke outsells Pepsi...
...Enrico is also enlisting a powerful ally in this campaign--Frito-Lay, the Dallas-based subsidiary that is to snacks what Coke is to sodas. Frito accounts for two-thirds of Pepsi's sales and profits, and it is one of the most efficient companies in the world at getting products to retail via its truck routes. In the past, Pepsi did little to leverage Frito's commanding position as America's premier snack company. Now it intends to use Frito's muscle as a wedge for all PepsiCo products...
...competitive business. Combined, Pepsi, Frito-Lay and Tropicana account for $11 billion in retail sales at supermarkets--hefty numbers that Coke can't match. "We represent up to 13% of their profits," says PepsiCo's new senior vice president for sales and marketing, Al Carey. Last month Carey accompanied Enrico and the presidents of Pepsi, Frito and Tropicana on a historic first joint call on a major retailer to remind the customer of those figures...
...Force may be with him, but some cynics out there think Enrico and Pepsi have lost the cola wars for good. One line of reasoning is that Coke is simply too big to topple. Coke, for instance, has added 8 billion cases of sales in 10 years, according to CEO Douglas Ivester. Others say that Enrico's deliberate strategy is tantamount to declaring defeat. Says Tom Pirko, president of consulting firm Bevmark: "Pepsi has put its tail between its legs and withdrawn...