Suntory Beverage & Food and PepsiCo have set up a soft drink joint venture in Thailand, as Suntory aims to expand outside Japan.
The deal sees Suntory buy 51% of International Refreshment, which is owned by PepsiCo, for JPY 33 billion ($289 million). The company will be renamed as Suntory PepsiCo Beverage (Thailand).
In a statement, Suntory said it predicts strong performance in the Thai beverage market, backed by the country’s GDP growth. It also highlighted PepsiCo’s ‘solid business platform’, with its strong brand equity, manufacturing facilities and sales network.
The statement read: “The acquisition will enable Suntory Beverage & Food to expand its beverage business in Thailand, and also further strengthen PepsiCo’s beverage business in the significantly growing Thailand market.
“Through the establishment of the joint venture, Suntory Beverage & Food and PepsiCo plan to grow its beverage business in Thailand by leveraging each company’s respective strengths – Suntory Beverage & Food’s expertise in development of products to meet healthier demands, including ready-to-drink tea, and PepsiCo’s strong business platform.”
Nestle SA has accelerated its product development process by 60% since 2016, according to the company. The faster speed to market has been achieved through a restructuring of its research and development process. Now the company is investing in various forms of artificial intelligence (AI) and machine learning to further improve its R&D process and generate better results.
German chemicals distributor Brenntag has confirmed potential takeover talks with US rival Univar Solutions and is understood to be debating the feasibility of a potential acquisition in the coming months. Univar Solutions confirms that it has received a preliminary indication of interest from Brenntag regarding a potential transaction.
Cargill has announced the acquisition of Owensboro Grain Company, a soybean processing facility and refinery located in Kentucky. The purchase of the Owensboro-based company will support Cargill’s efforts to “modernise and increase capacity across its North American oilseeds network to support growing demand for oilseeds driven by food, feed and renewable fuel markets”.