PURCHASE (dpa-AFX) - Snack and beverage giant PepsiCo, Inc. (PEP) announced Friday its agreement to acquire the remaining 50% interest in Sabra Dipping Company, LLC, and PepsiCo-Strauss Fresh Dips & Spreads International GmbH, called as Obela. Financial terms of the deal were not disclosed.
The transactions are expected to close by the end of 2024, subject to customary closing conditions.
PepsiCo will become the sole owner of these companies, which make Sabra and Obela products.
PepsiCo formed Sabra and Obela as 50/50 joint ventures with the Strauss Group in 2008 and 2012, respectively, to manufacture and sell refrigerated dips and spreads.
The Sabra JV is based in New York and operates in the U.S. and Canada, while the Obela JV is based in Geneva and operates in Australia, New Zealand and Mexico.
Sabra is now a hummus brand with nearly $400 million in retail sales in the U.S.
Steven Williams, Chief Executive Officer, PepsiCo Foods North America, said, 'As we evolve our food portfolio and bring people more choices for more occasions, our aim is to meet the growing demand for positive choices and on-the-go options. Nutritious, simple foods like refrigerated dips and spreads represent a space we have long desired to expand in the U.S. and Canada.'
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
