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PepsiCo and Strauss Group announced December 10 the signing of an agreement to form a joint venture partnership to operate Sabra, the top-selling and fastest-growing maker of hummus, with sales approaching approximately $56 million through September of this year. Last year, total
The Sabra joint venture will produce and sell fresh dips and spreads in the
The joint venture will leverage Sabra, the No. 1 brand of hummus in the U.S. True to its Mediterranean heritage, Sabra's hummus is made with healthier oils and has no trans fat or cholesterol. Sabra products also include eggplant dips, babaganoush spreads, and Mediterranean salsa available in individual and family packs. These products, which have a strong presence in the Northeastern U.S. and
"Sabra is a wonderful opportunity to expand PepsiCo's role in providing healthier options in snacking and the joint venture fits perfectly with PepsiCo's 'Performance with Purpose' agenda by demonstrating our commitment to fresh dips and spreads," said Al Carey, president and chief executive officer of Frito-Lay North America. "Sabra is already the leader in hummus, and I anticipate other Sabra fresh dips and spreads to make a similar positive impact on consumers. Sabra products are a perfect complement to Stacy's pita chips for any dipping occasion."
"Thanks to its experience and know-how in the development, manufacturing and marketing of fresh food products, Strauss Group has been developing a new food experience in the
Terms of the transaction were not disclosed. The transaction is expected to be finalized in early 2008.