Yum! Brands, Inc. is a Fortune 500 corporation, that operates or licenses Taco Bell, KFC, Pizza Hut, and Long John Silver’s restaurants worldwide, and A&W Restaurants. Based in Louisville, Kentucky, it is the world’s largest fast food restaurant company in terms of system units—over 35,000 restaurants around the world in more than 110 countries and territories. In 2007, Yum!’s global sales totaled more than US$10 billion.

Yum! was created on October 7, 1997, as Tricon Global Restaurants, Inc. an independent company, as a result of a spin-off from PepsiCo, which owned and franchised the KFC, Pizza Hut and Taco Bell brands worldwide. Because of the company’s previous relationship with Pepsi, Yum! Brands has a lifetime contract with PepsiCo, with notable exceptions being the contract of A&W Restaurants with Dr Pepper Snapple Group to be the exclusive restaurant provider of A&W Root Beer, and the contracts of franchisees such as HMSHost and college-operated locations with Coca-Cola which override Yum’s lifetime PepsiCo contract.

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