International Business

The combination is a natural next step given the successful long-term partnership between AB InBev and Grupo Modelo, which started more than 20 years ago.

The announcement could lead to more major changes for one of the worlds largest producers and marketers of high-quality fresh fruit and fresh vegetables, which sold its packaged foods and Asia fresh business for $1.69 billion in April.

The goal of the center is to advance healthcare by catalyzing collaborations in science and technology between regional innovators and the Johnson & Johnson Family of Companies across a diverse spectrum of early stage innovation.

The businesses in each sector are focused on common consumer benefits, share common technologies and face common competitors. Each sector will be led by a Group President named after the jump.

Lawrence Kurzius will also have the responsibility for several of the company's corporate functions, including IT, Supply Chain, R&D and Quality Assurance.

The appointment comes at a time when PepsiCo's underperforming beverage unit has been under scrutiny, with Wall Street chattering about the possibility of a spinoff of the unit to focus on its faster-growing snacks.

A new collaboration with Google is part of the company's commitment to invest 10 percent of its global marketing budget in mobile activations across the entire consumer journey.

The combined company is expected to have greater access to the large and growing Chinese market and retain world-leading food safety and quality control standards.