On the Street: Pepsi JV Makes Purchase
December 30/Dubai, UAE/PR Newswire Europe -- International Dairy and Juice Limited (IDJ), a joint venture between PepsiCo and Almarai, announced that it has acquired Egypt's International Company for Agro-Industrial Projects (Beyti).
Beyti, founded in 2005, is a well recognized brand name in Egypt. It produces a range of high-quality dairy and juice products, including plain and flavored ultra-high-temperature (UHT) milk, flavored yogurt, cheese and a variety of juices, in its state-of-the-art manufacturing facility.
"The acquisition of Beyti is an important step forward for our joint venture with Almarai," said Saad Abdul-Latif, CEO of PepsiCo Asia, Middle East and Africa. "Beyti's dairy and juice brands build on our commitment to world-class quality, while addressing consumers' need for nutrition as well as fun and refreshment."
IDJ acquired the 100% stake in Beyti from Almarai, which acquired it in October 2009 and transferred it to the joint venture at cost. According to the company, the transaction complements PepsiCo's existing market leadership in Egypt in non-alcoholic beverages and savory snacks, and it expands Almarai's leadership in dairy outside its core markets within the Gulf Cooperation Council (GCC).
This transaction follows IDJ's June 2009 acquisition of a 75% stake in Teeba, one of the leading players in the fresh dairy sector in Jordan. Teeba owns its own dairy farm and is a producer and distributor for a wide variety of dairy and juice products.
IDJ was formed earlier this year to focus on opportunities in Southeast Asia, Africa and the Middle East, excluding the GCC countries, where Almarai already has a very strong presence.
IDJ will identify and develop growth opportunities for a range of high-quality dairy and juice products. The venture will draw on the two partners' complementary brands and capabilities -- benefiting from Almarai's in-depth knowledge of the dairy industry and PepsiCo's marketing capabilities and experience as a world leader in juice.
From the January 4, 2010, Prepared Foods E-dition