Jul 15, 2011

GarudaFood, Suntory set joint venture

After prolonged talks, Sudhamex A.W.S., owner of PT GarudaFood Putra Putri Jaya, eventually agreed not to sell stake of his company, but he seems happy to set up a new joint venture company with Japanese retailer Suntory Beverage & Food Ltd.
In a press statement today, GarudaFood and Suntory will establish the joint venture focusing in non-alcohol beverage business. "The joint venture agreement was signed on July 14 2011," said the statement.
Sudhamek said Suntory will control 51% stake in the joint venture company and GarudaFood will own the remaining shareholding.
According to him, Suntory is one of divisions of Group Suntory producing non-alcohol beverage products such as Suntory Oolong tea, Boss, and Orangina. Suntory Group is the second largest beverage playes in Japan with a total sales of Rp183 trillion last year. The group also manages global networks in Asia, US, Europe, Australia, and New Zealand.

Disclosure: No position at the stock mentioned above.


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