Suntory Beverage & Food Asia Pte Ltd, the Asia-Pacific operation of Tokyo-listed Suntory, and PepsiCo said the new joint venture would build on the latter’s strong position in Thailand and create new growth opportunities for both companies in the market. Under the joint venture agreement, PepsiCo’s Thailand beverage business, operated International Refreshment (Thailand) Co Ltd (IRTC), will change its name to Suntory PepsiCo Beverage (Thailand) Co., Ltd. Suntory will become a 51 per cent shareholder, while PepsiCo will retain 49 per cent of the venture. Suntory and PepsiCo have an established record of working together in other markets, including the United States, Japan, Vietnam and New Zealand. Additionally, Suntory has a strong portfolio of beverage brands including Lucozade, Ribena, CC Lemon, Tea+, Mytea, GoodMood and Mycafe. Adel Garas, president of the PepsiCo Asia Pacific region, said: “Thailand is a critical and strategic market for PepsiCo in the Asia Pacific region.

Source: The Nation Bangkok November 02, 2017 14:26 UTC