EGYPT: PepsiCo JV acquires juice producer
PepsiCo joint venture International Dairy and Juice Limited (IDJ) has acquired Egypt's International Company for Agro-Industrial Projects (Beyti).
IDJ, a joint venture between PepsiCo and Almarai in the country, has acquired the 100% stake in Beyti from Almarai, which acquired it last October, and has transferred it to the joint venture at cost.
Beyti, founded in 2005, is a brand name in Egypt, producing a range of dairy and juice products, including plain and flavoured ultra-high-temperature (UHT) milk, flavoured yogurt, cheese and a variety of juices.
"The acquisition of Beyti is an important step forward for our joint venture with Almarai," said Saad Abdul-Latif, CEO of PepsiCo Asia, Middle East and Africa. "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."
"The transaction complements PepsiCo's existing market leadership in Egypt in non-alcoholic beverages and savory snacks, and it expands Almarai's leadership in dairy outside its core markets within the Gulf Cooperation Council (GCC)," a statement said.
This transaction follows IDJ's acquisition last June of a 75% stake in Teeba, one of the leading players in the fresh dairy sector in Jordan. Teeba owns its own dairy farm and is a producer and distributor for a wide variety of dairy and juice products.
IDJ was formed in 2009 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.
Last November, PepsiCo confirmed plans to invest US$100m in Egypt in 2010.
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