4 June 2009 - PepsiCo's Saudi joint venture, which was formed earlier this year with dairy company Almarai has made its first acquisition.
Also known as International Dairy and Juice Limited (IDJ), the joint venture has today acquired a 75% stake in a leading Jordanian dairy producer Teeba Investment for Developed Food Processing Company (Teeba).
"The Teeba stake had been owned by Almarai, which acquired it in January 2009 and is transferring it to the joint venture at cost", said PepsiCo.
"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, PepsiCo Vice Chairman and PepsiCo International CEO.
IDJ is held 52% by PepsiCo and 48% by Almarai. It was formed to focus on opportunities in Southeast Asia, Africa and the Middle East, excluding the Gulf Cooperation Council countries, where Almarai already has a very strong presence.
