The board of food producer Strauss Group Ltd. (TASE:STRS) has confirmed the understandings in principle reached with global food and beverage conglomerate PepsiCo on a global joint venture in the prepared salad and refrigerated dips industry. However the company notes that a binding deal has not yet been signed.
The two companies will each own 50% of the venture. The chairman of the board of the company will be a Pepsico representative, and the CEO will be Chief Executive Officer of Strauss-North America Giora Bar-Dea. The board that will be set up will have three representatives from each side.
Strauss intends to widen the global collaboration with PepsiCo in the health and fresh foods categories, based on the Sabra company model.
Through the new company, and based on current understandings between the sides, Strauss and PepsiCo will invest over the coming years in developing new categories, advanced technologies, establishing new facilities, various acquisitions, and entering new countries.
Published by Globes [online], Israel business news - www.globes-online.com - on March 16, 2011
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