GarudaFood, Suntory form joint venture
JAKARTA: Local major food producer PT GarudaFood and Suntory Beverage and Food Limited (SBF), a subsidiary of Japan’s second-largest beverage firm, Suntory Group, have agreed to a set up a joint venture to develop non-alcoholic beverages in Indonesia.
GarudaFood Group CEO Sudhamek AWS said on Friday that the collaboration would enable his firm to reach its target of becoming the market leader in the domestic beverage industry, in line with SBF’s goal to make Indonesia its export production base in Southeast Asia.
SBF would have a 51 percent stake in the new firm, while GarudaFood would hold the remaining 49 percent, he added.
SBF, which produces various non-alcoholic drinks such as Suntory Oolong Tea, Boss and Orangina, has a global network covering Asia, America, Europe, Australia and New Zealand.
Last year, it booked RP 183 trillion (US$21.41 billion) in sales.