Exhibit 99.1

                            [LOGO] PBG NEWS RELEASE


CONTACT:     Public Relations                         Investor Relations
- -------      Kelly McAndrew                           Mary Winn Settino
             (914) 767-7690                           (914) 767-7216

                                                           FOR IMMEDIATE RELEASE
                                                           ---------------------
                 THE PEPSI BOTTLING GROUP ANNOUNCES NON-BINDING

                        AGREEMENT TO ACQUIRE PEPSI-GEMEX


     SOMERS, N.Y., May 7, 2002 - The Pepsi Bottling Group, Inc., (NYSE: PBG)
announced today that it has reached a non-binding agreement with the two
principal shareholders of Mexican bottler Pepsi-Gemex, S.A. de C.V. (NYSE: GEM;
BMV: PEPSIGX) regarding the possible acquisition of all of the outstanding
shares of the company. Pepsi-Gemex, headquartered in Mexico City, is the second
largest bottler of Pepsi-Cola beverages outside of the United States and owns
Mexico's largest purified water company, Electropura.

     It is expected that if a transaction occurs, it will be in the form of cash
tender offers in the United States and Mexico. However, PBG stated that it can
provide no assurance with respect to the timing, value or determination to
proceed with any transaction.

     "We are very pleased to have reached this stage in our discussions," said
John T. Cahill, Chief Executive Officer of PBG. "The Pepsi brands hold a strong
market share position in Mexico and the Electropura water brand is the market
leader. We look forward to assessing this business further to determine if a
transaction can be completed."

     The gross enterprise value of Pepsi-Gemex as determined by the parties is
11.903 billion Mexican pesos. PBG will value the outstanding equity of
Pepsi-Gemex at the gross enterprise value noted above reduced by Pepsi-Gemex's
expected net debt level including any declared but unpaid dividends, any
shortfalls from normalized working capital levels, identified due diligence
liabilities, and items outside the ordinary course of business.








     This press release is neither an offer to purchase nor a solicitation of an
offer to sell securities. Any tender offer will be made through an offer to
purchase and a related letter of transmittal. Shareholders of Pepsi-Gemex should
read these documents if and when they become available because they will contain
important information. If a tender offer is made, shareholders will be able to
obtain copies of the tender offer statement and other documents filed with the
U.S. Securities and Exchange Commission for free from The Pepsi Bottling Group,
as well as from the Commission's website, www.sec.gov, after they have been
filed.

     Any transaction would be subject to the satisfactory completion of a
comprehensive due diligence review of Pepsi-Gemex's operations and to regulatory
approval in both the U.S. and Mexico. The parties hope to complete a
comprehensive due diligence review by mid-July. The terms of the non-binding
agreement are reflected in a term sheet, which is included with PBG's Form 8-K
filed with the U.S. Securities and Exchange Commission on May 7, 2002.

     The Pepsi Bottling Group, Inc. is the world's largest manufacturer, seller
and distributor of Pepsi-Cola beverages, with operations in the U.S., Canada,
Greece, Russia, Spain and Turkey. To receive press releases by e-mail, please
visit http://www.pbg.com.

                                      # # #

          Statements made in this press release that relate to future events,
performance or financial results of the Company are forward-looking statements
which involve uncertainties that could cause actual events, performance or
results to materially differ. PBG undertakes no obligation to update any of
these statements. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as to the date hereof. Accordingly,
any forward-looking statement should be read in conjunction with the additional
information about risks and uncertainties set forth in PBG's Securities and
Exchange Commission reports, including its annual report on Form 10-K for the
year ended December 29, 2001.