PepsiCo will purchase SodaStream, the manufacturer of home-carbonation machines, for $3.2 billion, according to The New York Times.
SodaStream was founded in 1903 and changed hands many times over the years until it was bought by Soda-Club in 1996. PepsiCo's acquisition of SodaStream allows it to tap into the growing market for flavored sparkling water and adds to the company's portfolio of health-conscious products.
"PepsiCo is finding new ways to reach consumers beyond the bottle," said Ramon Laguarta, the incoming CEO of PepsiCo, according to the Times. "Today’s announcement is fully in line with that strategy."