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The 1960s was an era of consolidation, with a number of food and beverage firms being gobbled up by larger entities. Pepsi-Cola was considered a takeover target not only because it ran a distant second in the soft drink sector to industry giant Coca-Cola Company, but also because little of the company's stock was in the hands of management. Following the creation of PepsiCo, however, the new company's directors held a much larger proportion of shares, with Lay holding a 2.5 percent stake himself. A second force behind the merger was Frito-Lay's desire to more aggressively pursue overseas markets. The company's sales had largely been restricted to the United States and Canada, but it could now take advantage of Pepsi's strong international operations, through which Pepsi products were sold in 108 countries. Later that year, Lay borrowed $100 to take over Barrett's small warehouse in Nashville on a distributorship basis.
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All olestra products carried warning labels stating that they 'may cause abdominal cramping and loose stools.' Despite waves of negative publicity, the Wow! Line was the best-selling new consumer product of 1998, garnering a whopping $350 million in sales. Lay added manufacturing plants in Jacksonville, Florida; Jackson, Mississippi; Louisville, Kentucky; and Greensboro, North Carolina. Lay also built a new plant in Atlanta featuring a continuous potato chip production line, one of the first in the world. In 1944 the company began marketing potato chips under the Lay's name, with the Gardner's brand becoming a historical footnote. Lay became one of the first snack food concerns to advertise on television, with a campaign featuring the debut of Oscar, the Happy Potato, the company's first spokesperson.
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Sales began expanding geographically after Doolin hired a sales force to make regular deliveries to stores. The Frito Company also began selling the products of potato chip manufacturers through license agreements. Frito-Lay began in the early 1930s as two companies, "The Frito Company" and "H.W. Lay & Company", which merged in 1961 to form "Frito-Lay, Inc". In 1965, Frito-Lay, Inc. merged with the Pepsi-Cola Company, resulting in the formation of PepsiCo.
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By the mid-1990s, as the snack food sector entered a slower growth period marked by heavy price competition, it became increasingly clear that Frito-Lay would remain the industry front-runner by a wide margin. The company increased its share of the salty snack market in the United States from 38 percent in the late 1980s to 55 percent by 1996. Competitive pressure from Frito-Lay led two of its fiercest rivals to wave the white flag. Borden sold most of its snack businesses in the mid-1990s as part of a massive restructuring.
Through Frito-Lay, PepsiCo is the largest globally distributed snack food company, with sales of its products in 2009 comprising 40 percent of all "savory snacks" sold in the United States, and 30 percent of the non-U.S. In 2018, Frito-Lay North America accounted for 25 percent of PepsiCo's annual sales. By the end of the 1990s, Frito-Lay's aggressive new product development, advertising, and marketing efforts had further increased the company's share of the U.S. salty snack market to 60 percent.
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Lay gained from the Frito Company an exclusive franchise to manufacture and distribute Fritos corn chips in the Southeast. In 1983 Calloway shifted to the PepsiCo headquarters in Purchase, New York, to become the parent company's CFO (and eventually its chairman and CEO). Taking over as president of Frito-Lay was Michael Jordan, who held the position for two years before also heading to Purchase and eventually becoming PepsiCo president.
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Frito-Lay unveils first 100% EV site in North Carolina.
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Among the successful line extensions introduced in this period were Cool Ranch flavor Doritos and a low-fat version of Ruffles. In 1989 Frito-Lay acquired the Smartfood brand of cheddar-cheese popcorn, a regional brand it hoped to roll out nationwide. The company was also finding success in the international market, where profits were increasing 20 percent per year, revenues exceeded $500 million by the end of the decade, and Frito-Lay products were being sold in 20 countries.
This was coincidentally the same year that Doolin had established the Frito Company. (QUEEN CITY NEWS) — The company behind some of our favorite snack foods is going electric. In 1968 Frito-Lay began a new Fritos advertising campaign featuring the Frito Bandito, a Mexican bandit complete with a long mustache, sombrero, and six-gun who spoke in a heavy accent.
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The company also expanded outside the Southeast and acquired a number of weaker competitors. Lay went public as a company with a workforce exceeding 1,000, manufacturing facilities in eight cities, and branches or warehouses in 13 cities. Revenues in 1957 stood at $16 million, making Herman Lay's company the largest maker of potato chips and snack foods in the United States. H.W. Lay had also gained fame for carefully developing and utilizing its sales routes. This "store-door" delivery system helped to increase revenues as the salespeople were able to "work" a particular sales territory more intensely. Lay had operations in 30 states, following the purchase of Rold Gold Foods, makers of Rold Gold Pretzels, from American Cone and Pretzel.
In early 1991, Roger A. Enrico was named to the top spot at Frito-Lay, after most recently serving as president of PepsiCo Worldwide Beverages. Enrico, a former Frito-Lay marketing vice-president, immediately set out to turn around the stumbling but still formidable snack giant. During 1991 the company eliminated 1,800--or about 60 percent--of its administrative and managerial jobs, creating a much more streamlined structure. Four of the company's 40 plants were closed or sold off, and more than 100 package sizes and brand varieties were dropped from what had become an unwieldy product portfolio. On the selling side, Frito-Lay created 22 sales/marketing offices to bring decision-making closer to retailers and consumers. To enhance the flavor of both chips, the company developed a new frying process and switched from soybean oil to cottonseed oil.
The Frito Company continued to operate 11 plants, but its franchise operations had been reduced to six after the company bought out several franchisees. Doolin soon expanded to the family garage, and increased production by developing a press that operated more efficiently than the potato ricer. Within a year of his purchase of the business, Doolin moved the headquarters for the Frito Company from San Antonio to Dallas, the latter having distribution advantages.
In 1996 PepsiCo merged its domestic and international snack food operations into a single entity called Frito-Lay Company, consisting of two main operating units, Frito-Lay North America and Frito-Lay International. The following year Frito-Lay bought the Cracker Jack brand from Borden, marking the company's reentrance into the nonsalty snack food sector. Also in 1997 Frito-Lay reentered the sandwich cracker market with the national introduction of seven varieties. Frito-Lay expanded internationally in 1998 through the acquisition of several salty snack assets in Europe and Smith's Snackfood Company in Australia from United Biscuit Holdings plc for US$440 million. In late 1998 Frito-Lay announced that it had formed a broad Latin American joint venture with Savoy Brands International, part of a Venezuelan conglomerate, Empresas Polar SA.
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