International Dairy and Juice Limited or IDJ, a joint venture between the food and beverage giant Pepsico Inc. (PEP) and Riyadh based integrated dairy company Almarai, announced Wednesday that it has acquired Egypt's International Company for Agro-Industrial Projects or Beyti.
Beyti, founded four years ago, is a recognized brand name in Egypt. It produces a range of dairy and juice products including plain and flavored ultra-high-temperature milk, flavored yogurt, cheese and a variety of juices.
IDJ acquired the 100% stake in Beyti from Almarai, which acquired it in October 2009 and transferred it to the joint venture at cost. The transaction complements Pepsico's existing market leadership in Egypt in beverages and snacks, and it expands Almarai's market potential in dairy outside its core markets within the Gulf Cooperation Council.
This transaction follows IDJ's June 2009 acquisition of a 75% stake in Teeba, one of the players in the fresh dairy sector in Jordan. Teeba owns its own dairy farm and is a producer and distributor for dairy and juice products.
IDJ was formed earlier this year to focus on opportunities in Southeast Asia, Africa and the Middle East, excluding the GCC countries.
IDJ will identify and develop growth opportunities for a range of dairy and juice products. The company expects the venture will benefit from the two partners' brands and marketing skills, while addressing consumers' need for nutrition as well as fun and refreshment.
PEP is traded at $61.19 up $0.09 or 0.15% on the NYSE.
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