PepsiCo and Strauss' JV Sabra to open US$61M facility in Richmond, Virginia; production to begin in mid-2010
TEL AVIV, Israel
November 24, 2008
– Sabra is maker of award-winning, refrigerated dips and spreads and is the leading seller of hummus in the U.S. market. In March 2008 Sabra Dipping Company was formed as a joint venture between Strauss and PepsiCo.
The Sabra plant, which is expected to start production in mid in 2010, will facilitate further production and development of dips and spreads using the most advanced technologies available today and will address growing consumer demand for products in this category.
Giyora Bar Dea, CEO of Strauss North America, said today: "Strauss continues to invest in the refrigerated dips and spreads market under the growing health and wellness trend, together with PepsiCo, our strong strategic partner in the U.S. Sabra Dipping Company, which continues to grow at a strong rate, has become a leading company in North America. Given the success and high potential of this activity, Strauss and Frito- Lay, a business unit of PepsiCo, have decided to continue investing in Sabra Dipping Company and establish a state-of-the-art plant which would utilize the most advanced production technologies available today. This will allow Sabra Dipping Company to keep growing the market and provide a diverse response to growing demand in the salads and dips world."
The new facility is approximately a $61 million investment.
About Strauss Group
Strauss Group (TASE: STRS) is a fast-growing international food and beverage company, with approximately 10,000 employees, that has achieved double-digit growth for the fifth straight year. With a 70-year history of excellence and innovation, Strauss offers superior quality brands, products and services while meeting the latest consumer trends. Strauss Group's business is comprised of the health and wellness division, which primarily includes fresh foods, the fun and indulgence division, and the coffee division. The Group has cultivated its coffee business extensively and is among the top ten players in the world's coffee markets with operations in 11 countries, and is one of the largest corporations in the emerging markets of Central and Eastern Europe and the second-largest in Brazil. The Group's global fun and indulgence activities have focused around the development of a unique line of chocolate bars under the Max Brenner brand. In North America, the Group's health and wellness business is being led by Sabra Dipping Company. For more information, please visit www.strauss-group.com.
About PepsiCo-Frito Lay
PepsiCo (NYSE: PE ) is one of the world's largest food and beverage companies, with 2007 annual revenues of more than $39 billion. The Company employs approximately 185,000 people worldwide, and its products are sold in approximately 200 countries. Its principal businesses include: Frito-Lay snacks, Pepsi-Cola beverages, Gatorade sports drinks, Tropicana juices and Quaker foods. The PepsiCo portfolio includes 18 brands that generate $1 billion or more each in annual retail sales. PepsiCo's commitment to sustainable growth, defined as Performance with Purpose, is focused on generating healthy financial returns while giving back to communities the Company serves. This includes meeting consumer needs for a spectrum of convenient foods and beverages, reducing the Company's impact on the environment through water, energy and packaging initiatives, and supporting its employees through a diverse and inclusive culture that recruits and retains world-class talent. PepsiCo is listed on the Dow Jones Sustainability North America Index and the Dow Jones Sustainability World Index.
Frito-Lay North America is the $11 billion convenient foods business unit of PepsiCo, which is headquartered in Purchase, New York.
Sabra Dipping Company, LLC of Astoria, New York, makes a wide range of refrigerated dips and spreads using fresh herbs and spices, and authentic recipes and healthy vegetables. All of the products are certified kosher and vegetarian and available across the nation. Sabra produces a wide range of Mediterranean salads, dips and spreads which are marketed in the U.S. and Canada. Today it is leading the category with 34.7% market share, according to recent IRI reports, and 15,000 points of sale. Sales revenues reached $90m in 2007.