SodaStream ECONOMIC

Supply Chain & Sourcing Relationships

• Historic filings state that SodaStream manufactured most of its products internally in Israel, with the former Mishor Adumim facility undertaking metalwork, plastics and bottle production, machining, assembly, cylinder manufacture, CO₂ refilling, and cylinder retesting, while Ashkelon produced flavours for worldwide distribution ¹.

• By 2016, SodaStream reported that most production had moved to its Lehavim facility in southern Israel, including cylinder manufacture and retesting, CO₂ refills, plastic injection, bottle blowing and printing, machining, and assembly ².

• PepsiCo’s February 2026 subsidiary exhibit lists SodaStream Industries Ltd., SodaStream International Ltd., SodaStream Israel Ltd., and So Spark Ltd. as Israeli group entities, but does not specify each entity’s present output, supply-chain role, or importer-of-record status ³.

• SodaStream’s current legal terms identify SodaStream Industries Ltd. or its affiliates as proprietor or licensor of SodaStream CO₂ cylinders ⁴.

• No public evidence identified.

Product Origin, Labeling & Regulatory Compliance

• SodaStream’s 2010 filing identified Mishor Adumim, east of Jerusalem, as an Israeli production site before the subsequent relocation of principal production activity to Lehavim ^{1, 2}.

• In Brita GmbH v Hauptzollamt Hamburg-Hafen, the Court of Justice of the European Union considered Soda-Club goods produced in Mishor Adumim and declared as Israeli origin by the importer; the Court held that West Bank-origin goods did not qualify for preferential treatment under the EC–Israel Association Agreement ⁵.

• The Brita ruling concerned customs tariff preference and does not itself determine the compliance of every consumer-facing SodaStream origin label ⁵.

• Who Profits’ 2011 investigation reported that the Mishor Adumim site was SodaStream’s principal production facility and alleged that products made there were marked “Made in Israel”; this is an NGO report rather than a regulatory enforcement finding ⁶.

• Who Profits reported, following a 1 December 2015 field visit, that the Mishor Adumim factory had ceased operating and that SodaStream had completed withdrawal from its sole West Bank-based facility ⁷.

• Al-Haq’s July 2024 report discusses SodaStream as a former Mishor Adumim case study, but its statements on incentives, trade treatment, and labelling remain secondary-source context in this record ⁸.

• No public evidence identified of a current SodaStream policy specifically governing occupied-territory origin labelling, or of a named post-litigation regulatory enforcement action against SodaStream ^{1, 2, 3, 5}.

Investment, Capital & Financial Exposure

• SodaStream reported a long-term Israel Land Authority lease for the Lehavim site through February 2061, with an option for a further 49-year extension ².

• The company also disclosed approved Israeli-government grants for the Lehavim investment and a floating lien over substantially all assets of its manufacturing subsidiary to secure conditions associated with those grants ².

• PepsiCo acquired all outstanding SodaStream shares on 5 December 2018 at $144 per share, valuing the transaction at approximately $3.3 billion, or approximately $3.2 billion net of acquired cash ^{9, 10}.

• The 2018 merger materials required PepsiCo to maintain SodaStream’s Lehavim manufacturing facility in Israel with a substantially similar operational scope for at least 15 years after merger effectiveness ¹¹.

• PepsiCo’s FY2025 filing continues to identify a SodaStream reporting unit, while its subsidiary exhibit continues to list Israeli SodaStream entities; these filings confirm group-level reporting and inclusion but do not independently establish performance of the 2018 facility covenant ^{3, 12}.

• No public evidence identified of SodaStream itself holding Israeli sovereign bonds, Israel Bonds, Israeli-domiciled portfolio investments, or Israel-focused funds ^{1, 2, 3, 12}.

Operational Presence & Market Activity

• PepsiCo’s FY2024 Form 10-K lists SodaStream as a PepsiCo brand, SodaStream Industries Ltd. as an Israeli subsidiary, and a PepsiCo manufacturing plant in Lehavim, Israel ¹³.

• Before the PepsiCo acquisition, SodaStream reported its registered office and headquarters at Gilboa Street, Airport City, Israel, and described manufacturing principally in Israel, including Lehavim and a flavour facility in Ashkelon ¹⁴.

• PepsiCo’s current reporting continues to identify the Lehavim manufacturing plant, while the reviewed filings do not provide a current independently verified workforce figure for SodaStream’s Israeli operations ^{13, 3}.

• No separate Israel-market revenue figure or current strategic-market characterisation was identified in the reviewed filings ^{14, 12}.

• No public evidence identified of current sales, service points, warehouses, distributors, franchisees, or licensees in West Bank, East Jerusalem, or Golan settlements ^{3, 5, 7}.

Corporate Structure & Foundational Ties

• SodaStream International Ltd. was incorporated under Israeli law on 8 March 2007, following a commercial history in which Soda Stream Ltd. had been acquired in 1998 by its then-Israeli distributor, Soda Club Enterprises N.V. ^{1, 14}.

• The 2018 merger agreement identifies PepsiCo, Inc. as a North Carolina corporation, SodaStream International Ltd. as an Israeli company, and Saturn Merger Sub Ltd. as PepsiCo’s Israeli wholly owned acquisition vehicle ¹⁵.

• Following the statutory merger, SodaStream survived as a direct wholly owned subsidiary of PepsiCo Ventures, and PepsiCo’s 2018 reporting records the completed all-shares acquisition ^{9, 16}.

• Historic filings describe SodaStream Industries Ltd. as a wholly owned Israeli manufacturing subsidiary and SodaStream International B.V. in the Netherlands as the operating-management entity, owned through SodaStream Enterprises N.V. ¹⁴.

• PepsiCo’s FY2025 subsidiary exhibit continues to list SodaStream Industries Ltd., SodaStream International Ltd., SodaStream Israel Ltd., and So Spark Ltd. as Israeli entities ³.

• PepsiCo identifies Ramon Laguarta as its Chairman and Chief Executive Officer, and identifies Eugene Willemsen, Chief Executive Officer of International Beverages, as responsible for the SodaStream business ^{17, 18}.

• These parent-level biographies do not enumerate a current SodaStream subsidiary board or establish the executives’ involvement in the former Mishor Adumim operation ^{17, 18}.

• No public evidence identified of state ownership, government board appointments, defence contracts, designation as critical national infrastructure, or additional Israeli operating-company acquisitions specifically for the SodaStream business beyond the identified group entities ^{2, 3, 10}.

Profit Repatriation & Economic Contribution

• PepsiCo’s acquisition made SodaStream part of a U.S.-parent ownership chain, while pre-acquisition filings describe Dutch operating-management entities and Israeli manufacturing subsidiaries ^{14, 16}.

• The reviewed records do not quantify post-acquisition dividends, royalties, or other specific upstream profit flows from SodaStream’s Israeli entities ^{14, 16}.

• The record establishes Israeli manufacturing activity, state-supported Lehavim investment, and continuing group inclusion, but does not provide a current national-sector ranking or characterise SodaStream as critical national infrastructure ^{2, 3, 12}.

• No public evidence identified of current Israeli tax-residency classification, Preferred Technology Enterprise status, tax payments, Israeli revenue, or a current Israeli workforce figure ^{13, 14}.