Who Owns Pearl Milling Company?
Pearl Milling Company is owned by PepsiCo (NASDAQ: PEP), a publicly traded American multinational food and beverage company headquartered in Purchase, New York. PepsiCo owns Pearl Milling Company through its Quaker Oats subsidiary. The brand was renamed from Aunt Jemima to Pearl Milling Company in June 2021. PepsiCo acquired Quaker Oats in 2001 for approximately $13.9 billion, and Quaker Oats had originally acquired the Aunt Jemima brand in 1926.
Parent Company
PepsiCo
Acquired
1926
Status
Publicly Traded
Headquarters
Chicago, Illinois, USA (Quaker Oats operations)
Who Owns Pearl Milling Company?
- Parent Company: PepsiCo
- Ownership Type: Wholly owned
- Acquisition Year: 1926
- Company Type: Publicly Traded
- Stock Ticker: NASDAQ: PEP
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Pearl Milling Company | PepsiCo | Wholly owned |
History of Pearl Milling Company
- Founded: 1888
- Founders: Chris L. Rutt, Charles G. Underwood
- Acquired by PepsiCo: 1926
The Pearl Milling Company was founded in 1888 in St. Joseph, Missouri, by Chris L. Rutt and Charles G. Underwood. Rutt, a journalist, and Underwood, a mill operator, created the world's first self-rising pancake mix by combining pre-measured amounts of flour, corn meal, lime phosphate, and salt in a single package, eliminating the need for home cooks to measure and mix individual dry ingredients. This innovation dramatically simplified the preparation of pancakes and represented a significant advance in convenience food.
Rutt and Underwood named their product "Aunt Jemima" in 1889, inspired by a minstrel show song called "Old Aunt Jemima" that Rutt had seen performed at a local theater. The Aunt Jemima character, depicted as a smiling Black woman in a headscarf, was based on the racist "Mammy" stereotype prevalent in post-Civil War American culture. The character was used to market the pancake mix as a product associated with Southern hospitality and cooking.
The Pearl Milling Company was sold to the R.T. Davis Milling Company in 1890, which continued to develop the Aunt Jemima brand. Davis hired Nancy Green, a formerly enslaved woman from Montgomery County, Kentucky, to portray Aunt Jemima at the 1893 World's Columbian Exposition in Chicago. Green's demonstrations of the pancake mix at the exposition attracted enormous crowds and generated significant publicity for the brand, establishing Aunt Jemima as one of the first nationally marketed food brands in the United States.
The brand changed ownership several times in the early 20th century, passing through the Aunt Jemima Mills Company before being acquired by The Quaker Oats Company in 1926. Under Quaker Oats' ownership, the Aunt Jemima brand expanded from pancake mix into syrup, waffle mix, and other breakfast products. The brand became one of the most recognized in American food marketing, though its imagery remained rooted in racial stereotypes that were increasingly recognized as offensive.
In June 2020, amid widespread social justice protests following the murder of George Floyd, PepsiCo announced that it would retire the Aunt Jemima name and image, acknowledging that the brand's origins were based on a racial stereotype. The company stated that it was working to find a new name that would honor the brand's heritage while removing the offensive imagery. In February 2021, PepsiCo announced that the brand would be renamed Pearl Milling Company, honoring the original 1888 company that created the pancake mix. The new branding, featuring a windmill logo referencing the original milling company, was introduced in June 2021.
The rebrand was accompanied by a $1 million commitment from PepsiCo to support Black girls and women through community programs, acknowledging the harm caused by the original Aunt Jemima branding. The Pearl Milling Company name and packaging were introduced across all products in the brand's lineup, including pancake mixes, waffle mixes, and syrups.
About PepsiCo
What does PepsiCo own?
PepsiCo owns a portfolio of more than 23 brands each generating over $1 billion in estimated annual retail sales. Key brands include Pepsi, Mountain Dew, Gatorade, Tropicana, Aquafina, and SodaStream in beverages, and Lay's, Doritos, Cheetos, Fritos, Tostitos, and Ruffles in snack foods. The company also owns Quaker Oats, Cap'n Crunch, and other cereal and food brands.
Is PepsiCo publicly traded?
Yes, PepsiCo, Inc. is listed on NASDAQ under ticker PEP. The company has been publicly traded since 1965. PepsiCo has no single controlling shareholder, with major institutional holders including Vanguard Group, BlackRock, and State Street. PepsiCo is a component of the S&P 500 and is classified as a Dividend Aristocrat for its 54 consecutive years of annual dividend increases.
Who founded PepsiCo?
PepsiCo was formed in 1965 through the merger of Pepsi-Cola Company and Frito-Lay, Inc. Pepsi-Cola was originally created by pharmacist Caleb Bradham in New Bern, North Carolina in 1898. Frito-Lay was formed through the 1961 merger of the Frito Company and H.W. Lay Company, the latter founded by Herman Lay in 1932. Donald Kendall and Herman Lay led the 1965 merger that created PepsiCo.
Where is PepsiCo headquartered?
PepsiCo is headquartered in Purchase, New York, USA, in Westchester County. The company has maintained its headquarters in Purchase since 1970. PepsiCo operates manufacturing and distribution facilities across the Americas, Europe, Africa, the Middle East, and Asia Pacific, selling products in more than 200 countries and territories.
How many brands does PepsiCo own?
PepsiCo owns a large portfolio of food and beverage brands, with more than 23 brands each generating over $1 billion in estimated annual retail sales. The portfolio spans carbonated soft drinks, sports drinks, juices, water, snack chips, cereals, and other food products. Key brands include Pepsi, Lay's, Gatorade, Doritos, Mountain Dew, Quaker Oats, Cheetos, Fritos, Tostitos, Ruffles, Aquafina, Tropicana, and SodaStream.
Who owns PepsiCo?
PepsiCo, Inc. is publicly traded on NASDAQ with a broad institutional and retail shareholder base. No single shareholder holds a controlling stake. Major institutional shareholders include Vanguard Group, BlackRock, and State Street. Ramon Laguarta serves as Chairman and CEO. PepsiCo has no founding family or private equity controlling shareholder.
- Founded: 1965
- Headquarters: Purchase, New York, USA
- Company Type: Publicly Traded
- Stock: NASDAQ: PEP
Where Is Pearl Milling Company Made / Based?
- Headquarters: Chicago, Illinois, USA (Quaker Oats operations)
- Manufacturing / Operations: United States
Brands Owned by PepsiCo
- 7 Up - American lemon-lime flavored carbonated soft drink brand known for its crisp, cl...
- Aquafina - American brand of purified bottled water produced by PepsiCo, featuring both unf...
- Cap'n Crunch - Sweetened corn and oat breakfast cereal manufactured by Quaker Oats Company, fea...
- Doritos - American brand of flavored tortilla chips produced by Frito-Lay, a subsidiary of...
- Frito-Lay - American brand of snack foods including corn chips, potato chips, and savory sna...
- Fritos - American brand of corn chips created in 1932, known for their distinctive flavor...
- Gamesa - Mexico's largest manufacturer of cookies and crackers, producing popular brands ...
- Gatorade - American brand of sports-themed beverage and food products manufactured by Pepsi...
- Lay's - American brand of potato chip and snack products manufactured by Frito-Lay, a su...
- Life Cereal - Breakfast cereal produced by Quaker Oats Company, featuring a distinctive brown ...
- Mountain Dew - American carbonated soft drink brand known for its citrus flavor and high caffei...
- Pepsi - American brand of carbonated soft drink manufactured and marketed by PepsiCo, co...
- Poppi - American prebiotic soda brand known for its "gut healthy" approach to carbonated...
- Quaker Oats - American food brand specializing in oatmeal, breakfast cereals, and grain-based ...
- Ruffles - American brand of crinkle-cut potato chips produced by Frito-Lay, a subsidiary o...
- Sabritas - Mexican snack company owned by PepsiCo, known for potato chips and corn snacks, ...
- Smith's - Australian snack food company known for potato crisps and extruded snacks, servi...
- SodaStream - Israeli home carbonation device manufacturer allowing consumers to make carbonat...
- Tostitos - American brand of tortilla chips and dips produced by Frito-Lay, a subsidiary of...
- Tropicana - American brand of fruit-based beverages, primarily orange juice, manufactured by...
- Walkers - British snack food company and the United Kingdom's leading manufacturer of cris...
Pearl Milling Company Ownership: Pros & Cons
Advantages
- +PepsiCo's scale as one of the world's largest food and beverage companies provides Pearl Milling Company with distribution infrastructure, marketing resources, and manufacturing capabilities that independent food brands cannot access, ensuring broad retail availability across the United States
- +The rebrand to Pearl Milling Company provides the brand with a clean historical narrative rooted in the genuine 1888 founding of the original Pearl Milling Company, free from the reputational burden of the Aunt Jemima imagery
- +Quaker Oats' position as a trusted breakfast food brand, with over 120 years of consumer recognition in the United States, provides a credible corporate umbrella for Pearl Milling Company that supports consumer confidence in the brand's quality and safety
- +PepsiCo's investment in the $1 million community commitment accompanying the rebrand, and the thoughtful historical framing of the Pearl Milling Company name, positions the brand for long-term consumer acceptance among consumers who were uncomfortable with the Aunt Jemima branding
Considerations
- -The transition from the Aunt Jemima name, which had over 130 years of consumer recognition, to Pearl Milling Company required substantial marketing investment to build awareness of the new name, and some consumer confusion about the rebrand may persist for years after the 2021 transition
- -The pancake mix and syrup categories face structural headwinds from changing breakfast habits, as consumers increasingly opt for quick-service restaurant breakfast options, protein-focused breakfast foods, and other alternatives to traditional pancake breakfasts
- -Competition from Betty Crocker and Bisquick (both General Mills brands), which have strong consumer recognition and broad distribution, creates ongoing competitive pressure in the pancake mix category that limits Pearl Milling Company's pricing power and market share growth
- -PepsiCo's strategic focus on its highest-growth brands, including Gatorade, Lay's, and Pepsi Zero Sugar, may result in Pearl Milling Company receiving less marketing investment and innovation attention than larger brands within PepsiCo's portfolio
Frequently Asked Questions About Pearl Milling Company
Where to Buy
Disclosure: We may earn commission from purchasesCompetitors to Pearl Milling Company
These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.
| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Coca Cola Company | USA | 1961 | Mass Market | North America | All Genders | |
| Keurig Dr Pepper | USA | 1919 | Mass Market | North America | All Genders | |
| Coca Cola Company | USA | 1898 | Mass Market | North America | All Genders | |
| Coca Cola Company | USA | 1886 | Mass Market | North America | All Genders | |
| Coca Cola Company | USA | 2005 | Mass Market | North America | All Genders | |
| Coca Cola Company | USA | 1982 | Mass Market | North America | All Genders |
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Sprite
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American brand of root beer and other soft drinks owned by The Coca-Cola Company.

Coca-Cola
Owned by The Coca-Cola Company
Carbonated soft drink brand and flagship product of The Coca-Cola Company.

Coke Zero Sugar
Owned by The Coca-Cola Company
Zero-calorie cola soft drink brand owned by The Coca-Cola Company, formulated to taste like original Coca-Cola.

Diet Coke
Owned by The Coca-Cola Company
Zero-calorie cola soft drink brand owned by The Coca-Cola Company, formulated with a distinct taste profile.
Competitive Analysis
Market Positioning: Pearl Milling Company competes with 6 brands in the same categories, ranging from mass market to luxury positioning.
Geographic Distribution: Competitors are headquartered across multiple regions, indicating global competition in this market segment.
Brand Heritage: Competitor brands range from established heritage brands to newer market entrants, with founding years spanning several decades.
PepsiCo Stock Information
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