In 1965, Frito-Lay merged with the Pepsi-Cola Company to form PepsiCo, Inc. A new formulation of chip was introduced in 1991 that was crisper and kept fresher longer. Shortly thereafter, the company introduced the "Wavy Lay's" products to grocery shelves, with a national rollout in 1994.[6] In the mid to late 1990s, Lay's introduced a lower calorie baked version and a variety that was completely fat-free (Lay's WOW chips containing the fat substitute olestra).