PepsiCo Wins Quiznos Beverage Contract

PepsiCo Inc. won a contract to supply beverages to Quiznos Sub’s 3,200 U.S. sandwich shops, taking the business from larger rival Coca-Cola Co. after 23 years.

Quiznos made the switch in part because Coca-Cola became the supplier for competitor Subway Restaurants in November. The value of the contract wasn’t disclosed.

Coca-Cola has an estimated 68% of U.S. fountain sales, compared with 22% for PepsiCo, according to industry newsletter Beverage Digest.

Shares of Purchase, N.Y.-based PepsiCo fell 37 cents to $49. Shares of Atlanta-based Coca-Cola rose 32 cents to $44.34. Both trade on the NYSE.