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TheStreet Open House

Tingyi And PepsiCo Open New Beverage Plant In China

ZHENGZHOU, China, Oct. 25, 2012 /PRNewswire/ -- Tingyi ( Cayman Islands) Holding Corp. (Tingyi) (0322.HK), one of the leading food and beverage companies in China, and PepsiCo, Inc. (NYSE: PEP), one of the world's largest food and beverage companies, today announced the official opening of a new beverage manufacturing plant in Zhengzhou, China.

The Zhengzhou PepsiCo Beverages Co., Ltd. (Zhengzhou Pepsi) facility is the first plant opened since the two companies formed their strategic alliance earlier this year.

The new plant is part of Tingyi's and PepsiCo's expansion strategy in China, projected to become the world's largest beverage market by 2015.  The Tingyi-PepsiCo alliance is already the number one liquid refreshment beverage system in China, with more than 70 plants and a national distribution network.

The Zhengzhou plant also delivers on the pledge made by both companies to support economic development in China's central and western regions.

The official plant opening was attended by Mr. Zhao Jian Cai, Vice Governor of Henan provincial government; Mr. Ma Yi, Mayor of Zhengzhou municipal government; Mr. Zhao Rui Dong, member of the Zhengzhou municipal government standing committee; Mr. Cui Shao Ying, Party Secretary of Zhengzhou Economic Development Zone; Mr. Wang Gui Xin, Director of Zhengzhou Economic Development Zone; and several other leading officials of the Henan provincial and Zhengzhou municipal government.  

Mr. Wei Ing-Chou, Chairman of Tingyi Holding Corp. officially opened the new plant along with Mrs. Indra Nooyi, Chairman and CEO, PepsiCo, and Mr. Hubert Xu, Managing Director of CDC Investment Consultants Limited, who is also a local partner of the Zhengzhou plant.

Zhengzhou municipal government Mayor Ma said: " Zhengzhou is a famous historical and cultural city in China with a unique reserve of cultural and natural resources. Tingyi is a well-recognized and respected Chinese company, and PepsiCo is one of the most successful consumer goods companies in the world. Their products are known and loved by millions of Chinese consumers. We thank Tingyi and PepsiCo for choosing Zhengzhou, the city at the heart of China, as the home of their new plant to jointly contribute to the development of the central region. The municipal government appreciates the critical role played by the business community in facilitating local economic development. We will continue to support the development of the Tingyi-PepsiCo alliance in Zhengzhou."

Mr. Wei Ing-Chou, Chairman of Tingyi Holding Corp., said: "We are grateful for the support and assistance given by the government of Henan province and Zhengzhou to the Tingyi-PepsiCo alliance and to our new Zhengzhou plant. We are confident that the operation of the new plant will create more business opportunities in central and western China and allow us to provide better service for consumers and make due contributions to the healthy development of China's beverage industry."

Mrs. Indra Nooyi, Chairman and CEO of PepsiCo, said: " China is a dynamic food and beverage market and a critical engine of growth for PepsiCo. Our game-changing alliance with Tingyi is off to an excellent start, and we see tremendous opportunities to further expand our business throughout the country. The Zhengzhou plant is a gateway to the growing markets of central and western China and will enable us to put more PepsiCo products in the hands of more consumers than ever before."

The Zhengzhou plant covers 24,000 square meters and includes two state-of-the-art beverage production lines, with room to add additional lines in the future.  It will supply the beverage marketplace in Henan province, while further enhancing the companies' ability to provide consumers throughout central and western China with a wider range of beverage choices.

The plant will create approximately 500 direct jobs, as well as thousands of indirect jobs in the surrounding communities.

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