Pepsi Co  will acquire Be & Cheery, a prominent manufacturer of snack foods for a consideration of $705 million. Commenting on the transaction, a Pepsi spokesperson noted that “The acquisition will bring one of China’s largest online snack marketers under the Pepsi umbrella.” He added, “Be & Cheery is highly complementary to our existing China business.”

The snack food segment of Pepsi is now larger than the beverage division, with expectations that the disparity will continue. The purchase represents a commitment by Pepsi to China, despite the current and hopefully transient problem of COVID-19.