PepsiCo announced on January 8 that it had reached a definitive agreement to buy Bulgarian producer and seller of branded peanuts and seeds Penelopa.

Penelopa, founded in 1998 by its current owner Yanko Lolov, sold peanuts, sunflower seeds and other snacks throughout Bulgaria, principally through its dedicated national direct distribution system, PRNewswire said.

The company operated one plant, located in Sliven, and employed nearly 200 employees.

Michael White, deputy chairman of PepsiCo and chief executive officer of PepsiCo International said that "Penelopa is an outstanding company that will dramatically increase our presence in Bulgaria, a consumer market enjoying robust economic growth, as well as in the broader Balkans region."

Currently PepsiCo snacks were imported into Bulgaria from Romania, Greece and Turkey, under the brands Lay's, Ruffles, Cheetos and Doritos.

Details about the agreement have not been disclosed.