International Dairy and Juice Limited (IDJ), PepsiCo’s venture with Saudi-based dairy company Almarai, has bought a 75% stake in Jordanian dairy producer Teeba.
The Teeba stake had been owned by Almarai, which acquired it in January 2009. It is being transferred it to the joint venture “at cost”.
Teeba is a producer and distributor for a wide variety of dairy and juice products and its assets include a dairy farm, PepsiCo said.
“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.
PepsiCo holds 52% of IDJ and Almarai owns the remaining 48%. It was formed earlier this year to focus on opportunities in south-east Asia, Africa and the Middle East, excluding the Gulf Cooperation Council countries, where Almarai already has a very strong presence.
PepsiCo said IDJ will identify and develop growth opportunities for a range of dairy and juice products.