Published 04-20-00
Submitted by Pepsi Bottling Group, Inc.
At a press briefing scheduled for Monday, April 24, at 11:00 AM in the Hampton University (HU) Convocation Center, HU will announce a combined $4.1 million commitment from The Pepsi-Bottling Group, Inc. (PBG) and Frito-Lay Company. On hand for the announcement will be William R. Harvey, President of HU; Steven S Reinemund, President and COO of PepsiCo, Inc.; and Mark Stephens, Vice President of On-Premise Sales for PBG's Mid-Atlantic Business Unit.
The $4.1 million commitment is comprised of a $3.1 million, 10-year beverage supply contract with PBG and a separate $1 million contribution from PepsiCo on behalf of Frito-Lay over the next four years. The University will utilize the combined dollars in a variety of ways, including a PBG-endowed professorship in the School of Business and the establishment of a $1 million Frito-Lay Scholars program in HU's new Leadership Institute. The monies also will help HU fund marching band scholarships and uniforms, as well as a state-of-the-art scoreboard in the newly renovated Armstrong Stadium and sponsorships of other athletics.
"HU's new Leadership Institute is among the country's most progressive establishments of higher learning," said Steven S Reinemund, President and COO of PepsiCo, Inc. "On behalf of everyone at Frito-Lay, PepsiCo is proud to be entering into this important alliance, doing our part to help point the way for future generations."
"The Pepsi Bottling Group is honored to be playing a role in advancing Hampton University's rich tradition of excellence," said Dave Burke, Market Unit General Manager for PBG in eastern Virginia. "We're very excited about the opportunity to refresh today's students, who will become tomorrow's leaders."
"Hampton University has a longstanding relationship with PepsiCo," said HU's Dr. Harvey. "These recent partnerships with PBG and Frito-Lay are indicative of the commitments that both companies have to the University and our students."
"$200 Million Campaign for Hampton" Background
The $200 Million Campaign for Hampton is the most aggressive and ambitious fundraising campaign of any historical black college or university. To date, the University has raised $149 million of its goal. The Campaign for Hampton, publicly launched in October 1998, will allow the University to continue to attract outstanding faculty and promising students, enhance the campus technological foundation, refurbish and expand the University's physical facilities, maintain cutting edge curricular offerings and continue to educate the leaders of the future.
The Leadership Institute, which will accept its inaugural class in the 2000 fall semester, is designed to complement the educational experience of selected Hampton University students. The students will be admitted to the program based on their leadership experience, character and leadership potential. Students in the Institute must complete academic and service learning requirements and enroll in specialized leadership classes that focus on multidisciplinary skills building and critical thinking.
The Pepsi Bottling Group (PBG) is the world's largest manufacturer, seller and distributor of Pepsi-Cola beverages — some of the world's most recognized consumer brands. PBG became a publicly-traded company in March 1999 through one of the largest initial public offerings in the history of the New York Stock Exchange. PBG generates nearly $11 billion in annual sales. It operates in the United States, Canada, Greece, Mexico, Russia, Spain and Turkey, accounting for more than one-half of the Pepsi-Cola beverages sold in North America, and about 40 percent of the Pepsi-Cola system volume worldwide.
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