Pepsi does own Frito-Lay.
Frito-Lay is a segment of PepsiCo.
The official name of Frito-Lay is Frito-Lay North America (FLNA).
Pepsi is a brand of soda owned by the company PepsiCo.
PepsiCo comprises 7 company segments, one of which is Frito-Lay North America.