Uh oh. Looks like most of that mountain spring water we've been consuming is not from the mountains or a spring.
Pepsi-Cola announced Friday that the labels of its Aquafina brand bottled water will be changed to make it clear the product is tap water. The new bottles will say, "The Aquafina in this bottle is purified water that originates from a public water source," or something similar, Pepsi-Cola North America spokeswoman Nicole Bradley told CNN.
Americans spent about $2.17 billion on Aquafina last year, according to Beverage Digest, an independent company that tracks the global beverage industry. The U.S. bottled water business in 2006 totaled roughly $15 billion, it said.
Corporate Accountability International - which describes its work as challenging "irresponsible and dangerous corporate actions around the world" - has been pushing for this change for months with its nationwide "Think Outside the Bottle" campaign, said spokeswoman Deborah Lapidus.
Its aim was "to challenge the marketing muscle of the bottled water corporations and to galvanize support for our public water systems around the country," she said. The campaign focused on Nestle, Coca-Cola and Pepsi.
I guess their challenge is working based on the drop in share prices of some of the major companies in the industry after Pepsi's announce was made.
Shares of Pepsi (down $1.18 to $65.66, Charts, Fortune 500) closed down 1.7 percent to $65.66 on the New York Stock Exchange, while shares of rival Coke (down $0.70 to $52.28, Charts, Fortune 500) closed down 1.3 percent to $52.28