Almarai paid SAR255 million (US$68 million) for full control of International Dairy and Juice Ltd.
Almarai, a Saudi dairy firm, has purchased the remaining part of its joint venture with PepsiCo for SAR255 million (US$68 million).
After acquiring PepsiCo’s 48% investment in International Dairy and Juice Ltd (IDJ), Almarai currently owns all of the company.
The transaction, which was reported in a stock exchange filing on Friday, February 17, according to Riyadh-based Almarai, would allow it to “further grow strategically in the wider area.”
In addition to producing and distributing food and drinks in Egypt and Jordan, IDJ also sells to other countries.
In the sectors of dairy, poultry, bread, newborn nutrition, and juice, Almarai provides a variety of food and beverage items. When Prince Sultan bin Mohammed bin Saud Al Kabeer created it in 1976, it initially processed fresh milk and laban (a fermented milk product).
In order to focus on the potential in Southeast Asia, Africa, and the Middle East while omitting the Gulf Cooperation Council nations where Almarai already had a significant presence, its JV with PepsiCo was established in 2009. Later on in the year, IDJ acquired a 75% share in the Jordanian dairy company Teeba, and in 2010, it purchased the milk, juice, and yogurt manufacturer Beyti in Egypt.
Almarai made hints that it wanted to grow its 52% stake in the JV in 2012 as well.
In 2021, it hired Abdullah Nasser Al Bader as its new CEO after Majed Mazen Nofal left the position for personal reasons after barely 11 months. Al Bader has worked for the business for almost 20 years, most recently holding the position of executive vice president for the bread sector.