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PepsiCo and Calbee Announce Strategic Alliance to Make and Sell Food Products in Japan.

Publication: PR Newswire
Publication Date: 24-JUN-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
TOKYO, June 24 /PRNewswire-FirstCall/ -- PepsiCo , one of the world's largest food and beverage companies, announced today that it will form a strategic alliance with Calbee Foods Company to jointly produce and sell a wide range of food products in Japan, such as potato chips, vegetable snacks, breakfast cereal and prawn crackers.

The agreement was approved today by shareholders of Calbee, Japan's largest snack company. Under the agreement, PepsiCo will contribute its Frito-Lay Japan business plus an undisclosed amount of cash to Calbee. Calbee in turn will issue new stock to PepsiCo, which will result in PepsiCo owning 20 percent of the expanded company and having a seat on the Calbee board of directors. Together, the businesses currently generate annual revenues of approximately $1.4 billion. The strategic alliance is subject to approval of Japanese government authority.

"Calbee and PepsiCo share...

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