DUBAI, United Arab Emirates, Dec. 30 /PRNewswire-FirstCall/ -- International Dairy and Juice Limited (IDJ), a joint venture between PepsiCo and Almarai, announced today 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. 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.
About Almarai
Almarai is the largest integrated dairy company in the world, with a reputation for outstanding quality. It is committed to healthy living, and to delivering only the freshest, highest quality and most delicious products to the people it cares most about - its customers.
Almarai Company is based in Riyadh, the capital of the Kingdom of Saudi Arabia. Its network extends throughout the Gulf Cooperation Council, leading and influencing the agricultural, dairy processing and food distribution industries.
Almarai began in 1976 under the leadership of HH Prince Sultan bin Mohammed bin Saud Al Kabeer, as it remains to this day. His Highness recognized the potential to transform traditional methods of dairy farming to serve the needs of the rapidly expanding Saudi market; and what began with the processing of fresh milk and laban soon expanded into modern dairy farms and state-of-the-art processing facilities.
About PepsiCo
PepsiCo (NYSE: PEP) offers the world's largest portfolio of billion-dollar food and beverage brands, including 18 different product lines that each generate more than $1 billion in annual retail sales. Our main businesses -- Frito-Lay, Quaker, Pepsi-Cola, Tropicana and Gatorade -- also make hundreds of other nourishing, tasty foods and drinks that bring joy to our consumers in over 200 countries. With more than $43 billion in 2008 revenues, PepsiCo employs 198,000 people who are united by our unique commitment to sustainable growth, called Performance with Purpose. By dedicating ourselves to offering a broad array of choices for healthy, convenient and fun nourishment, reducing our environmental impact, and fostering a diverse and inclusive workplace culture, PepsiCo balances strong financial returns with giving back to our communities worldwide. For more information, please visit www.pepsico.com.
SOURCE: PepsiCo; Almarai
Web site: http://www.pepsico.com/