|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
PepsiCo to acquire full ownership of Sabra and Obela
|
|
Monday, 02 December, 2024, 16 : 00 PM [IST]
|
|
New York, USA
|
PepsiCo, Inc., announced its agreement to acquire the remaining 50% interest in Sabra Dipping Company, LLC (Sabra) and PepsiCo-Strauss Fresh Dips & Spreads International GmbH (Obela) and become the sole owner of these companies, which make Sabra and Obela products.
The company is currently 50/50 joint ventures that had been formed between PepsiCo and Strauss Group to manufacture, distribute, and sell refrigerated dips and spreads. The joint venture is based in New York and operates in US and Canada. The Obela joint venture is based in Geneva and operates in Australia, New Zealand and Mexico.
It has focused on the fresh dips category for over 15 years, forming Sabra and Obela as 50/50 joint ventures with the Strauss Group in 2008 and 2012, respectively. It has become a leading hummus brand with nearly $400 million in retail sales in US. This transaction will enable the company to continue to transform its portfolio and drive accelerated innovation to develop more products that meet the growing demand for positive choices from North American consumers.
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. We are grateful to the Strauss Group for our long and successful partnership and look forward to this next chapter for the Sabra and Obela brands, as well as the PepsiCo food portfolio."
|
|
|
|
|
|
|
|
|
|