In November 2017, Suntory Beverage & Food Limited (SBF), a global soft drink company, and PepsiCo Inc., one of the world's largest food and beverage companies, entered into an agreement to form a beverage joint venture in Thailand, Suntory PepsiCo Beverage (Thailand) Company Limited or SPBT, with the vision of “GROWING FOR GOOD”. The official announcement of its beverage joint venture took place on March 5, 2018 and has marked a new chapter for Pepsi-Cola brand in Thailand and will create more excitement for Thailand’s liquid refreshment beverage (LRB) industry. The alliance is intended to combine the strengths of both global powerhouses, with an ultimate goal of achieving the No.1 leadership position in Thailand’s 50-billion valued carbonated soft drinks (CSDs) category and creating new growth opportunities by expanding its beverage portfolio to meet consumer demands, ranging from hydration to sports drinks, ready-to-drink teas and coffees, bottled water, and juices to a variety of innovations in the future.