U.S.-based food and beverage company PepsiCo Inc. has established a new research and development in Shanghai, site of the company's largest R&D center outside of North America.
With an investment of about CNY200 million, the new Shanghai R&D center covers an area of 16,000 square meters and will focus on new product, packaging, and equipment innovations. According to PepsiCo, the new center has a cooking center, an experimental kitchen, and a testing production factory, which can help developers quickly test their new product ideas. The new center is an important measure for PepsiCo to enhance its business in Asia and can significantly promote the company's innovation in this region.
An executive from PepsiCo said that this investment will further enhance the company's development of local products and reinforce their growth plan in emerging and developing markets.
At present, PepsiCo owns 22 brands and boasts annual retail sales of over USD1 billion. In the Chinese market, its product portfolio includes food and beverage products, ranging from coke, potato chips to oat food.