South Korean snack maker Orion Corp has said it plans to end its seven-year partnership with US firm PepsiCo in the snack food joint venture Orion Frito-Lay.
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Orion said that as part of an agreement between the two companies it will purchase a 37.5% stake in the joint venture from PepsiCo on 4 November for KRW45bn (US$40.1m), reported Asia Pulse. Orion will purchase the remaining 12.5% stake from PepsiCo at a later date.
Orion Frito-Lay was set up in 1987 as a 50/50 joint venture between the two companies. The business had sales of KRW148.6bn last year.
