PepsiCo and partner buy Jordanian dairy producer
PepsiCo Inc. has expanded its presence in the Middle East by acquiring a controlling stake in a Jordanian dairy producer with its joint venture partner.
International Dairy and Juice Limited, the joint venture formed earlier this year by PepsiCo and Saudi-based dairy company Almarai, bought 75 percent of Teeba Investment for Developed Food Processing Company, a major producer and distributor of dairy and juice products in Jordan. It is the first acquisition made by the joint venture.
“This is an important step forward in our ongoing effort to build a diversified global portfolio of foods and beverages, addressing consumers’ need for nutrition as well as fun and refreshment,” Michael White, PepsiCo vice chairman and chief executive officer of PepsiCo International, said in a written statement.
PepsiCo, the Purchase-based beverage and snack food giant, formed the joint venture to look for investment opportunities in the Middle East, Africa and Southeast Asia. PepsiCo owns 52 percent of the joint venture and Almarai owns 48 percent. Financial terms of the acquisition were not disclosed.