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PepsiCo to invest up to $3B in Mexico in 5 years

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November 20, 2008 05:59 PM EST | AP

MILWAUKEE — PepsiCo plans to invest up to $3 billion in Mexico in the next five years to grow its beverages and food brands Sabritas and Gamesa there.

The Purchase, N.Y.-based maker of Frito-Lay's and Pepsi says it will spend $2 billion on manufacturing, marketing and research and development for its food businesses.

PepsiCo Americas Foods Chief Executive Officer John C. Compton tells executives at an event in Mexico City Thursday that the company will spend the remaining $1 billion on marketing and advertising for Pepsi's beverages in the country.