Indonesian noodle maker Indofood has announced a joint venture with Nestlé to manufacture, sell, market and distribute culinary products in Indonesia and eventually for export.
The new joint venture company, which will be owned 50/50 by Indofood and Nestle, will be called Nestle Indofood Citarasa Indonesia.
Indofood will license its Indofood, Piring Lombok and other brands to the new company, while Nestle will initially license its Maggi brand.
“The establishment of this new joint venture company will create opportunities leveraging on the strengths of both companies,” said Anthoni Salim, president director and CEO of Indofood.
“For Nestle in Indonesia, this joint venture is a great opportunity to broaden its offer,” said Michael W.O. Garrett, senior executive vice president and head of Nestlé’s Africa, Middle East, Oceania and Asia zone.
The new joint venture company is expected to commence operations by April 1, 2005.