PepsiCo-Almarai j.v. buys stake in Jordanian dairy co.
June 04, 2009
by Eric Schroeder
PURCHASE, N.Y. — International Dairy and Juice Ltd. (I.D.J.), a joint venture formed earlier this year that is 52% owned by PepsiCo, Inc., and 48% controlled by Saudi Arabia-based Almarai Co., has acquired 75% of Teeba Investment for Developed Food Processing Co.. Teeba is a Jordanian dairy producer, operating its own dairy farm and producing and distributing a variety of other dairy and juice products.
I.D.J. acquired the 75% stake from Almarai, which had acquired the same controlling interest in the company in January. Almarai is transferring the stake to the joint venture at an undisclosed cost.
"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," said Michael White, vice-chairman of PepsiCo, Inc. and chief executive officer of PepsiCo International.