PepsiCo (PEP.N) said Japanese beverage company Suntory Holdings Ltd will acquire a 51 percent equity stake in the company's beverage business in Vietnam.Suntory and PepsiCo will hold key roles in the management of the new joint venture, in which the U.S. beverage company will hold the remaining 49 percent stake.
PepsiCo said it would retain marketing and innovation responsibilities for its beverages, and continue to independently operate its food business in Vietnam.
PepsiCo and Suntory have worked together in the United States, Japan and New Zealand, according to a press statement.
Shares of PepsiCo closed at $69.60 on Monday on the New York Stock Exchange.
