June 24 (Bloomberg) -- PepsiCo Inc. is acquiring a stake in Calbee Foods Co., Japan’s biggest producer of potato chips and shrimp crackers, as part of a push to sell more snacks overseas.

PepsiCo, the world’s biggest snack-food maker, said in a statement it will exchange its Frito-Lay Japan business and an undisclosed amount of cash for a 20 percent stake in the expanded company. Calbee had sales of about $1.3 billion in the year ended March 2009, compared with approximately $100 million in annual revenue for Frito-Lay Japan. Purchase, New York-based PepsiCo will hold a seat on Calbee’s board.

The transaction, approved today by Calbee’s shareholders, is subject to Japanese regulatory approval.

PepsiCo’s acquisitions outside of the U.S. since last year include Russian juice maker OAO Lebedyansky and Peruvian corn- chip maker Karinto SAC. The company, also the world’s second- biggest soft-drink maker after Coca-Cola Co., formed a joint venture with Almarai Co., the largest juice and dairy company in the Middle East, in February as it expands its reach outside of carbonated beverages.

PepsiCo rose 4 cents to $53.05 at 4:15 p.m. in New York Stock Exchange composite trading. The stock has fallen 3.1 percent this year.

To contact the reporter on this story: Laura Myers in New York at lmyers4@bloomberg.net.

Last Updated: June 24, 2009 16:41 EDT