Exhibit 99.1



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



                                                           FOR IMMEDIATE RELEASE
                                                           ---------------------


  THE PEPSI BOTTLING GROUP BOARD APPROVES 60-PERCENT INCREASE IN DIVIDEND AND
                    EXPANDS COMMON STOCK REPURCHASE PROGRAM

     SOMERS,  N.Y., March 24, 2005 - The Pepsi Bottling Group,  Inc. (NYSE: PBG)
today announced that its Board of Directors authorized a significant increase in
the Company's annual dividend,  raising it 60 percent from $0.20 to $0.32.  This
is the second dividend increase approved in two years. In the same meeting,  the
Board declared the quarterly  dividend of $0.08 per share, which is payable June
30, 2005 to PBG shareholders of record on June 10, 2005.
     PBG's Board of Directors also approved  another  expansion of the Company's
share repurchase  program.  The Board authorized the repurchase of an additional
25 million  shares of common  stock on the open  market and  through  negotiated
transactions.  This brings the total number of shares  authorized for repurchase
to 125 million  since the Company  initiated  its share  repurchase  programs in
October 1999. This new authorization,  which is effective immediately,  does not
have a deadline for the  commencement or execution of  repurchases.  To date, 88
million shares have been repurchased.
     PBG  Chairman  and Chief  Executive  Officer  John T. Cahill  stated,  "PBG
continues to generate  strong cash flows,  a key  indicator of the health of our
business. As a result, we have been able to return more than $1.9 billion to our
shareholders  since our initial public  offering  nearly six years ago. As these
actions indicate, the Board shares management's  confidence in our plans and the
future prospects for our business."
     The  Pepsi  Bottling  Group,  Inc.  (www.pbg.com)  is the  world's  largest
manufacturer,  seller and distributor of Pepsi-Cola beverages with operations in
the U.S., Canada,  Greece,  Mexico, Russia, Spain and Turkey. To receive company
news releases by e-mail, please visit www.pbg.com.

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Statements  made in this press  release  that  relate to future  performance  or
financial  results of the Company are  forward-looking  statements which involve
uncertainties  that could  cause  actual  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.