Javier Echenique, president and chief executive officer of La Corporacion de Alimentacion, Banco Bilbao's food and beverage unit, added: "We believe that PepsiCo's acquisition of the Kas and KESA groups is the best possible guarantee of their continued success.
The KESA beverage venture was established as part of Pepsi's strategic plan to consolidate its Spanish bottling operations.
Since KESA was formed four years ago, aggressive investments have already been made in the business, including the construction of state- of-the-art manufacturing facilities at its southern hub in Seville and at its northern center in Echevarri, Vitoria.
On behalf of the entire Valen team, I would like to extend our appreciation to KESA for their selection of our UnderRight solution and for their vision to become a data and analytics driven company," said Dax Craig, President and CEO of Valen Technologies.
With over 6,000 members and more than $46,000,000 in premiums, KESA is one of the largest and most financially stable providers of workers' compensation in the state.
Commenting on the Valen UnderRight decision, KESA CEO Greg Buie, said, "As a self-insured fund it is important for us to keep a close eye on how we manage all aspects of our business and the quality of our pricing, underwriting, and claims management processes.
The name KESA is already used by analysts to identify the division, standing for King-fisher Electricals with SA added to represent the French equivalent of plc.
KESA operates 650 stores in seven countries and is Europe's third largest electrical retailer through brands Darty and BUT in France and Comet in the UK.
THE name of the parent company being created for high street retailer Comet will be KESA Electricals.
In 2003, KESA began the rigorous process of examining their business procedures, methodologies and vendors in an effort to boost efficiency and gain competitive advantage.
KESA is a group self-insurance workers' compensation fund headquartered in Louisville, KY.