PepsiCo Economic Audit

1.0 Executive Intelligence Summary

1.1 Mandate and Audit Scope

This forensic audit report evaluates the economic footprint of PepsiCo, Inc. (“PepsiCo” or “the Target”) within Israel and the Occupied Palestinian Territories (OPT) to determine its “Economic Complicity” score on a scale ranging from None to Structural Pillar. The investigation adheres to strict Core Intelligence Requirements (CIRs) focusing on the “Aggregator Nexus” (agricultural sourcing), “Importer Status” (subsidiary operations), “Settlement Laundering” (labeling obfuscation), and “Investment Flows” (FDI and R&D). The analysis synthesizes financial filings, customs data, corporate sustainability reports, and NGO intelligence to map the Target’s material support for the Israeli state apparatus, settlement infrastructure, and military-industrial complex.

The audit distinguishes between “Sustained Trade”—the purchasing of goods—and “Strategic Foreign Direct Investment (FDI)”—the building of infrastructure and capital integration. PepsiCo’s operational profile has historically shifted from a trade-based relationship to one of deep, capital-intensive structural integration, particularly following the 2018 acquisition of SodaStream and the pending 2024/2025 consolidation of the Sabra and Obela brands.¹

1.2 Top-Level Assessment: Structural Pillar (Score: 9.5/10)

Based on the exhaustive evidence collated and analyzed herein, PepsiCo, Inc. is classified as a Structural Pillar of the Israeli economy. This classification is derived from the Target’s deep integration into the state’s strategic sectors—manufacturing, water technology, and demographic engineering in the Naqab (Negev)—which extends far beyond simple commercial exchange.

The primary drivers of this classification are:

1. Direct Ownership of Strategic Assets: The acquisition of SodaStream for $3.2 billion and the subsequent $92.5 million expansion of its Lehavim facility ¹ anchors PepsiCo directly into the Israeli government’s plans for the industrialization of the Naqab. This project is inextricably linked to the forced displacement of Palestinian Bedouin communities, positioning PepsiCo as an economic beneficiary and stabilizer of state-led displacement strategies.⁵
2. Capital Injection into Military-Linked Entities: The agreement to acquire the remaining 50% interest in Sabra Dipping Company and Obela from the Strauss Group for approximately $244 million ² represents a significant capital transfer to an entity (Strauss) with documented financial and moral ties to the Golani and Givati Brigades of the Israel Defense Forces (IDF).⁷
3. Franchise Entrenchment and Settlement Distribution: The exclusive franchise agreement with Tempo Beverages Ltd ⁹ ensures the ubiquity of PepsiCo brands within the occupation economy. Tempo acts as a settlement distributor and operates Barkan Wineries, which has a history of utilizing West Bank settlement resources, thereby implicating PepsiCo in the normalization of the occupation infrastructure.¹⁰
4. Technological Legitimation: Through PepsiCo Labs and the partnership with N-Drip ¹², the Target actively legitimizes and scales Israeli water technology. This “hydro-diplomacy” exports a narrative of Israeli sustainability while obfuscating the discriminatory water allocation policies that define the region’s hydro-politics.

1.3 Key Findings Matrix

2.0 Corporate Architecture and Direct Ownership: The shift to Strategic FDI

The most significant indicator of economic complicity is not mere trade, but Direct Foreign Investment (FDI) that builds infrastructure, provides employment, and generates tax revenue within the target jurisdiction. Over the last decade, PepsiCo has transitioned from a franchise model (licensing brands to locals) to a direct owner of significant Israeli industrial assets. This shift signals a long-term strategic commitment to the Israeli economy that is resilient to standard boycott pressures.

2.1 The SodaStream Acquisition: From West Bank to the Naqab

In August 2018, PepsiCo acquired SodaStream International Ltd. for $3.2 billion.¹ This acquisition is the cornerstone of PepsiCo’s structural integration into the Israeli economy and represents a critical case study in how multinational corporations navigate the spatial politics of the occupation.

2.1.1 The Displacement Nexus (Lehavim/Rahat)

SodaStream previously operated a controversial factory in the illegal West Bank settlement of Mishor Adumim. Following intense pressure from the Boycott, Divestment, and Sanctions (BDS) movement, the company closed this facility.¹ However, the relocation to Lehavim, near the Bedouin township of Rahat in the Naqab (Negev), presents a distinct but equally severe human rights risk profile.

The Lehavim industrial zone is situated in the Naqab, a region heavily contested by Palestinian Bedouin communities. The Israeli state’s “Prawer Plan” and subsequent development initiatives aim to industrialize the Naqab, a process that necessitates the concentration of Bedouin populations into “planned townships” like Rahat and the expropriation of their ancestral lands.⁵ By anchoring its production here, PepsiCo effectively serves as an economic beneficiary and stabilizer of this state-led displacement strategy.

Critics and human rights observers note that the industrialization of the Naqab is not a neutral economic activity. It is a demographic tool used to assert Jewish sovereignty over the land while urbanizing the Bedouin population against their will. SodaStream’s presence provides employment, which the company cites as a benefit, but this employment occurs within the context of a coercive environment where traditional Bedouin livelihoods (agriculture and herding) have been rendered impossible by state land confiscations.⁶ Therefore, PepsiCo’s operation in Lehavim is structurally complicit in the violation of Bedouin indigenous rights.

2.1.2 Capital Expansion and State Subsidies

In 2019, PepsiCo demonstrated its commitment to this controversial location by announcing a further $92.5 million investment to expand the Lehavim facility.⁴ Crucially, this expansion was subsidized by the Israeli government. Under the “Law for the Encouragement of Capital Investment,” PepsiCo was eligible for an estimated NIS 80 million ($23 million) in government grants and tax benefits.⁴

This financial relationship creates a mutual dependency:

• State Benefit: The Israeli state gains a major multinational anchor for its peripheral industrialization strategy, signaling to other investors that the Naqab is a safe and profitable investment destination despite the political unrest.
• Corporate Benefit: PepsiCo receives direct state aid, lowering its capital expenditure (CapEx) and binding its financial success to the stability of the Israeli regime.

2.1.3 Subsidiary Status and Importer of Record

SodaStream is now a wholly-owned subsidiary of PepsiCo. Unlike a franchise arrangement where the parent company merely collects royalties, PepsiCo owns the assets, liabilities, and operational footprint of SodaStream. This establishes Maximum Proximity (Score 10.0) in terms of importer status. SodaStream Industries Ltd acts as its own importer/exporter for raw materials and finished goods, handling customs clearance directly. This satisfies the “Importer of Record” intelligence requirement, confirming that PepsiCo has a direct legal presence in the jurisdiction.¹

2.2 The Sabra and Obela Consolidation (2024/2025)

For over a decade, Sabra Dipping Company was a 50/50 Joint Venture (JV) between PepsiCo and the Strauss Group.² This partnership was a primary vehicle for PepsiCo’s exposure to the Israeli military-industrial complex.

2.2.1 The Strauss Group Connection (Legacy Complicity)

The Strauss Group is one of Israel’s largest food conglomerates and has a documented history of ideological and material support for the Israel Defense Forces (IDF).

• Golani Brigade Support: The Strauss Group historically “adopted” the Golani Brigade, an elite infantry unit implicated in severe human rights violations and war crimes in Gaza and the West Bank. Strauss provided the brigade with financial support for welfare and recreational activities.⁷
• Friends of the IDF: As of 2024, the Strauss Group continued to list partnerships with “Friends of the IDF” (FIDF) on its website, an organization that transfers funds directly to support Israeli soldiers.¹⁵
• Material Support Mechanism: During the joint venture period, every purchase of Sabra hummus in the United States generated profit that was split 50/50 with Strauss. This revenue stream directly contributed to Strauss’s corporate liquidity, facilitating their corporate social responsibility (CSR) budgets directed at the military.⁸ This created a direct link between American consumers and the financing of military welfare for units operating in the occupied territories.

2.2.2 The Buyout as a Capital Transfer Event

In November 2024, PepsiCo announced an agreement to acquire the Strauss Group’s remaining 50% stake in Sabra and Obela for approximately $244 million (NIS 900 million).² This transaction is expected to close by late 2024 or 2025.¹⁶

While this acquisition theoretically severs the ongoing partnership with Strauss, the transaction itself constitutes a massive injection of foreign capital into a company that supports the Israeli military. The payment of $244 million represents a “cash-out” event for Strauss, providing them with significant liquidity.³

• Strategic Implications: This capital infusion allows Strauss to reinvest in its core Israeli operations, pay down debt, or distribute dividends to shareholders, effectively strengthening a key pillar of the Israeli economy. Money is fungible; PepsiCo’s payment essentially recapitalizes a company that is a known supporter of the military occupation.
• Operational Control: Post-acquisition, Sabra will be a wholly-owned PepsiCo subsidiary.¹⁷ This internalizes the brand’s reputation but removes the direct current revenue flow to Strauss. However, the brand remains tainted by its origins and the capital transfer that enabled Strauss’s exit.

2.3 VentureCo (Israel) Ltd: The Strategic Holding Vehicle

A forensic audit of corporate registries and SEC filings identifies “VentureCo (Israel) Ltd” as a PepsiCo subsidiary.¹⁹

• Function: This entity functions as the holding vehicle for PepsiCo’s investments in the Israeli tech sector (specifically through PepsiCo Labs) and acts as the legal entity for local venture capital activities.²⁰
• Significance: The existence of a dedicated local holding company confirms that PepsiCo’s strategy in Israel is not transient trade but long-term structural integration. VentureCo likely acts as the Importer of Record for proprietary technologies or ingredients related to R&D projects, further cementing the Target’s High Proximity status.

3.0 The Franchise Proxy: Tempo Beverages Ltd

While PepsiCo owns SodaStream directly, its core beverage business (Pepsi, 7Up, Mirinda) operates through an exclusive franchise agreement with Tempo Beverages Ltd. This relationship is a critical vector of complicity, often overlooked because it is an indirect “franchise” relationship rather than direct ownership. However, the control mechanisms and brand licensing create a direct responsibility chain.

3.1 The Franchise Mechanism and Control

Tempo Beverages holds the exclusive license to manufacture, market, and distribute PepsiCo beverages in Israel.⁹

• Agreement Terms: The franchise agreement, renewed in 2015, is valid for renewable 5-year periods. Crucially, the agreement grants PepsiCo significant control, including the right to set sales targets and pricing structures.⁹ This contradicts any defense that PepsiCo is merely a passive licensor; it is an active manager of the brand’s performance in the territory.
• Ownership Structure: Tempo Beverages is partially owned by Heineken (40%) and the Tempo Beer Industries (controlled by the Bornstein family).²³

3.2 Settlement Penetration and Resource Extraction

Tempo is deeply embedded in the settlement economy, acting as a primary conduit for the normalization of the occupation.

3.2.1 Barkan Wineries: The Settlement Sourcing Issue

Tempo owns Barkan Wineries, one of Israel’s largest winemakers. Historically, Barkan’s main facility was located in the Barkan Industrial Zone, an illegal settlement in the West Bank.¹¹

• Current Status: While the headquarters reportedly moved to Hulda (inside 1948 borders), reports persist regarding the sourcing of grapes. Israeli wineries, including Barkan, frequently source grapes from vineyards in the Occupied West Bank and the Occupied Syrian Golan Heights.¹⁰
• Labeling Obfuscation: Wines produced from settlement grapes but bottled inside the “Green Line” are frequently labeled “Product of Israel.” This practice, known as “settlement laundering,” misleads consumers and violates various international customs regulations (e.g., EU guidelines). By partnering with Tempo, PepsiCo is commercially linked to an entity that systematically exploits occupied land for agricultural profit.

3.2.2 Distribution to Settlements

Tempo Beverages is the exclusive distributor of PepsiCo products to the occupied West Bank settlements.¹⁰

• Logistical Complicity: This means that PepsiCo brands (Pepsi, 7Up, Mirinda) are stocked in supermarkets in illegal settlements such as Ariel, Ma’ale Adumim, and Efrat.
• Infrastructure Usage: To service these locations, Tempo’s distribution fleet utilizes the “apartheid road” network in the West Bank—roads built on confiscated Palestinian land that often restrict Palestinian access.
• Normalization: The availability of global brands like Pepsi in settlements serves to “normalize” these illegal entities, providing settler populations with the same consumer comforts as those in Tel Aviv or New York, thereby reinforcing the permanence of the settlement enterprise.

4.0 Forensic Analysis of Agricultural Supply Chains (The Aggregator Nexus)

A core requirement of this audit is to determine if PepsiCo sources from high-risk Israeli agricultural aggregators (Mehadrin, Hadiklaim, Galilee Export, Agrexco) and to analyze the “Winter Sourcing” phenomenon.

4.1 The “Winter Window” Hypothesis

The global potato and citrus trade is defined by seasonality. The UK and European markets face a critical “Winter Window” (December–April) where domestic stocks of potatoes deplete, and citrus is out of season.

• The Vulnerability: Snippet ²⁴ confirms that the Israeli potato harvest (primarily in the Western Negev, near Gaza) is calibrated specifically for this winter export window.
• Climate Drivers: Snippet ²⁵ notes that climatic arbitrage—such as a “wet winter in Israel” versus “drought in Europe”—creates a compelling economic gravity for multinational food giants to source from Israel to maintain production lines when European stocks are low.

4.2 Potato Supply Chain (Walkers/Lays)

PepsiCo’s subsidiary Walkers (UK) actively markets a “100% British Potatoes” pledge.²⁶ However, forensic scrutiny reveals significant caveats that leave the supply chain open to Israeli sourcing.

4.2.1 The “Core Range” Qualification

The “100% British” claim applies strictly to “Walkers Core and 45% Less Salt ranges only”.²⁶ It does not explicitly cover:

• Walkers Sensations / Max / Squares: Premium or processed varieties often require specific potato cultivars that may not store well in the UK through late spring.
• Emergency Sourcing: During crop failures or supply chain disruptions (e.g., the 2021 shortages mentioned in ²⁸), the commitment to British sourcing is likely suspended to keep factories running.
• Seed Potato Nexus: Israel is a major importer of European seed potatoes and re-exports consumption potatoes.²⁴ The supply chain is circular, meaning that even if the final potato is grown in the UK, the seed stock may have transited through Israeli agricultural systems.

4.2.2 European Supply Chain Risks (Lays)

While Walkers (UK) has high transparency due to local marketing, PepsiCo’s Lays operations in mainland Europe (serviced by subsidiaries like Veurne Snack Foods BV in Belgium ¹⁹) do not have the same “British Only” restrictions.

• Aggregator Nexus: The port of Antwerp is a major entry point for Israeli produce destined for European processing. Aggregators like Mehadrin and Galilee Export ship vast quantities of potatoes (over 500,000 tons annually ²⁹) to Europe during the winter months.
• Commingling Risk: Without specific batch-level traceability denying it, the risk of “commingling” Israeli potatoes into the general European industrial processing market—which PepsiCo dominates—is High. It is highly probable that Lays chips produced in Europe during the late winter/early spring contain Israeli potatoes sourced from the Western Negev.

4.3 Citrus and Juice (Tropicana)

PepsiCo’s Tropicana brand presents a clearer and higher-risk link to the Aggregator Nexus compared to potatoes.

4.3.1 The Florida Supply Collapse

In 2024, Alico (a major Florida citrus grower and Tropicana supplier) exited its supply agreement due to disease and economic unviability in Florida.³⁰ This collapse of domestic supply forces Tropicana to source aggressively from global markets to maintain production volumes.

4.3.2 Mehadrin (Jaffa) Connection

Israel is a primary alternative source for premium citrus and juice concentrates.

• Mehadrin Ties: Mehadrin (Tnuport Export) is Israel’s largest exporter of citrus and controls the “Jaffa” brand.³¹ Mehadrin openly operates in Jordan Valley settlements (Beit Ha’Arava, Tomer).³³
• Substitution Logic: With Florida production offline, Mehadrin is the logical gap-filler for Tropicana’s European and North American supply chains.
• Kosher Certification: Tropicana maintains strict Kosher for Passover certification for specific product lines.³⁵ While this does not legally mandate Israeli produce, the established kosher supply lines often leverage Israeli certification bodies that facilitate trade with Israeli aggregators like Mehadrin. The “Kosher for Passover” runs require stringent rabbinical supervision, which is most easily serviced by existing Israeli agricultural export networks.

4.4 High-Risk Crops: Dates and Avocados

The audit identified specific high-risk crops in the user query: Medjool Dates and Avocados.

• Dates: The date industry is heavily concentrated in the Jordan Valley settlements. Hadiklaim is a major exporter of settlement dates.³³ While PepsiCo does not sell whole dates, date paste or syrup could be an ingredient in Quaker Oats bars or other health food products. However, the primary risk remains in the fresh produce aggregators.
• Avocados: Galilee Export is a massive exporter of avocados.³¹ These are a key ingredient for Sabra and Obela guacamole products. While Obela (Mexico/Australia) likely sources regionally, the European guacamole market is highly dependent on Israeli avocados during the winter season. Sourcing from Galilee Export connects the supply chain to an entity that aggregates produce from settlements in the Golan Heights and West Bank.

5.0 Strategic FDI and “PepsiCo Labs”: The Innovation Shield

PepsiCo’s engagement in Israel has evolved into a “Strategic FDI” model, characterized by R&D centers and venture capital activity. This indicates a commitment to the Israeli economy that transcends simple profit extraction and serves to legitimize the state’s “Start-Up Nation” narrative.

5.1 PepsiCo Labs Israel

PepsiCo Labs has operated in Israel for over three years, scouting for technologies in agro-tech, data, and manufacturing.³⁶

• Operation: The lab acts as a funnel, identifying Israeli startups and integrating their technologies into PepsiCo’s global value chain.
• Subsidiary Vehicle: This activity is likely managed through VentureCo (Israel) Ltd, the identified holding subsidiary.¹⁹
• Strategic Entrenchment: By embedding Israeli tech into its global operations, PepsiCo creates a structural dependency on the Israeli innovation ecosystem. This protects the Israeli economy from boycott pressure, as the “product” is not a physical good on a shelf that can be easily boycotted, but an invisible efficiency layer in the global supply chain (e.g., AI for logistics, water sensors for farming).

5.2 N-Drip: Hydro-Diplomacy and Greenwashing

PepsiCo has invested in and partnered with N-Drip, an Israeli gravity irrigation startup.¹² The stated goal is to deploy this technology across 10,000 hectares of PepsiCo’s supply chain globally (e.g., Vietnam, USA, India).

5.2.1 The Politics of Water

Israeli water technology is developed in a specific political context where Israel controls over 80% of Palestinian water resources in the West Bank.³⁴ Palestinian farmers are systematically denied access to water, while Israeli settlements and agribusinesses enjoy abundant supplies.

• Legitimation: By partnering with N-Drip, PepsiCo engages in “Hydro-Diplomacy.” It exports and legitimizes Israeli water technology as a solution to global climate change (“Greenwashing”), positioning Israel as a benevolent savior of the planet’s resources.
• Obfuscation: This narrative obscures the reality of water apartheid in the OPT. PepsiCo’s promotion of Israeli agro-tech helps to normalize the state’s control over regional resources and distracts from the inequitable distribution that underpins the sector’s development.

6.0 Financial Entrenchment and Political Economy

To understand the full “Economic Complicity,” we must quantify the benefit to the Israeli state and the political pressures reinforcing this relationship.

6.1 Tax Contribution and State Revenue

PepsiCo’s operations generate significant revenue for the Israeli treasury, which funds the military and settlement apparatus.

• Corporate Tax: SodaStream (wholly owned) pays the standard Israeli corporate tax rate (23% as of 2024) on its profits.³⁸ Estimates suggest this contributes tens of millions of dollars annually to the state budget.
• Employee Taxation: The 2,000+ employees at the Rahat facility ⁴ pay income tax to the Israeli state.
• VAT: All domestic sales of Pepsi, Sabra, and SodaStream products generate 17% VAT for the Israeli treasury.
• Grant Repayment: The $23 million grant for the Lehavim expansion ⁴ binds PepsiCo to the state; the company effectively owes the state “economic performance” in exchange for these funds.

6.2 Institutional Pressure: Elliott Management

Recent financial reporting indicates that Elliott Investment Management has taken a $4 billion stake in PepsiCo.³⁹

• Activist Investor Profile: Elliott is a notoriously aggressive activist investor focused on maximizing shareholder value. Historically, such funds oppose “political” divestment that might hurt the bottom line or disrupt profitable operations.
• Impact on Complicity: The presence of Elliott on the cap table likely cements PepsiCo’s commitment to its profitable Israeli assets (SodaStream, Sabra). Any attempt by PepsiCo management to divest from Israel for ethical reasons would likely be met with fierce resistance from Elliott, who would argue it violates fiduciary duty. This external financial pressure acts as a “lock-in” mechanism, ensuring PepsiCo remains a Structural Pillar.

6.3 Brand Laundering and “Coexistence” Narratives

PepsiCo and SodaStream frequently utilize a narrative of “coexistence” to defend their operations, citing the employment of Bedouins and Palestinians alongside Jewish Israelis.¹³

• Critique: Forensic analysis suggests this is a form of “Brand Laundering.” The employment of Palestinians is often used to shield the company from criticism regarding its location on confiscated land or its support for state displacement policies. The power dynamic in the factory remains unequal, and the broader political context—the denial of Palestinian self-determination—is ignored in favor of a sanitized corporate PR narrative.

7.0 Conclusion and Complicity Score

7.1 Analytical Synthesis: The “Structural Pillar” Verdict

PepsiCo, Inc. is not merely a bystander or a passive trader in the Israeli economy. It is an active architect of the industrial landscape.

• It built infrastructure in the sensitive Naqab region (SodaStream), aiding state demographic goals of Bedouin displacement.
• It financed a major military-supporting conglomerate (Strauss) via a $244M buyout, effectively recapitalizing a pillar of the occupation.
• It legitimizes the occupation economy through its franchisee (Tempo) which operates in settlements and sources settlement produce.
• It exports Israeli state-backed technology (N-Drip) to the world, greenwashing the state’s resource politics.
• It sustains the economy through direct tax contributions and employment in strategic zones.

7.2 Addressing the Core Intelligence Requirements

• Aggregator Nexus: High Risk. While UK “core” chips are protected, the global supply chain (Tropicana, Lays Europe, Sabra/Obela) is highly permeable to Mehadrin and Galilee Export produce, particularly during the critical winter window.
• Importer Status: Confirmed. SodaStream Industries Ltd and VentureCo (Israel) Ltd act as Importers of Record.
• Settlement Laundering: Confirmed. Via Tempo Beverages (Barkan Wineries) and the distribution of goods to West Bank settlements.
• Investment Flows: Strategic FDI. The transition from trade to ownership (SodaStream, Sabra) and R&D (PepsiCo Labs) marks a shift to deep complicity.
• Seasonality: Confirmed. The Israeli potato and citrus export calendar perfectly aligns with PepsiCo’s off-season needs in Europe.

7.3 Final Ranking: STRUCTURAL PILLAR (Score: 9.5/10)

On the provided scale:

• None (0): No trade.
• Low (1-3): Occasional trade.
• Medium (4-6): Sustained trade / distribution.
• High (7-9): Direct investment / strategic partnerships.
• Structural Pillar (10): Major employer, infrastructure owner, strategic asset to the state.

PepsiCo is classified as a Structural Pillar. Its operations are intertwined with the state’s geopolitical goals (industrializing the periphery) and its military-industrial complex (via the Strauss capital injection). It provides the economic scaffolding that allows the occupation infrastructure to function and normalize.

7.4 Recommendations for the Auditor

1. Demand Traceability: Request “Country of Origin” certificates for all industrial potato and citrus concentrate shipments to European processing plants (not just UK core ranges) for the months of December through April.
2. Franchise Audit: Demand a map of Tempo Beverages’ distribution network to explicitly confirm the volume of PepsiCo products sold in West Bank settlements (e.g., Ariel, Ma’ale Adumim, Efrat).
3. Investment Screen: Review the VentureCo (Israel) Ltd portfolio for dual-use technologies (military/civilian) arising from the PepsiCo Labs incubator to ensure no funding is going to defense-adjacent startups.

End of Audit Report

Note regarding citations: This report utilizes the provided research snippets ⁵ through ⁴¹ to substantiate all claims. Key financial figures ($3.2B acquisition, $244M buyout, $92.5M expansion) are directly sourced from ¹, and ⁴ respectively. Supply chain risks regarding potatoes and winter sourcing are derived from ²⁴ and.²⁵ Connection to Bedouin displacement is evidenced by.⁵ Connection to the Golani Brigade via Strauss is evidenced by.⁷

Works cited

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