International Dairy and Juice (IDJ), the venture between PepsiCo and Almarai, has acquired Egypt’s International Company for Agro-Industrian Projects (Beyti).
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Beyti produces a range of dairy and juice products, including UHT milk, yoghurt and cheese for sale in Egypt.
IDJ acquired a 100% stake in Beyti from Almarai, which acquired the company last October and transferred it to the joint venture “at cost”.
The deal complements PepsiCo’s existing market leading position in the Egyptian market for non-alcoholic beverages and savoury snacks and expands Almarai’s dairy operations in core markets within the Gulf Cooperation Council (GCC), the companies said.
“The acquisition of Beyti is an important step forward for our joint venture with Almarai,” Saad Abdul-Latif, CEO of PepsiCo Asia, Middle East and Africa said.
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By GlobalData“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 was formed earlier this year to focus on opportunities in south-east Asia, Africa and the Middle East, excluding the GCC countries, where Almarai already has a very strong presence.
This latest agreement follows IDJ’s acquisition of a 75% stake in Jordan-based fresh dairy group Teeba in June.
