PepsiCo to buy tortilla chip maker Siete for $1.2bn

Founded in 2014, Siete produces "authentic heritage-inspired" tortillas, salsas, seasonings, sauces, cookies and snacks.

PepsiCo said the acquisition will complement its portfolio "with the addition of an authentic, Mexican-American brand, while also growing its better-for-you food offerings".

Chairman and chief executive Ramon Laguarta said: "The Garza family has built a very special brand. Their passion for making and sharing food shines through in every Siete product, and that's a passion we share at PepsiCo.

"PepsiCo believes in the spirit and authenticity of the Siete brand, and we're excited to carry on the legacy created by the Garza family. We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete."

The deal is expected to close in the first half of next year.