July 9 (Bloomberg) -- PepsiCo Inc., the world’s largest snack food maker, and Theo Muller Group will begin selling premium yogurt products in the U.S. through a joint venture starting this month.
Muller Quaker Dairy, the partnership between Theo Muller, the largest-closely held dairy business in Germany, and Purchase, New York-based PepsiCo, will sell yogurt through supermarkets and club retailers in the Northeast and mid-Atlantic states, according to a statement today.
Chief Executive Officer Indra Nooyi is working to turn PepsiCo into a global dairy player. The company, which sells Quaker Oats as well as its namesake soda, formed the Global Nutrition Group in 2010 to develop more products with fruits, vegetables, grains and dairy.
While PepsiCo sells yogurt and milk in Russia and the Middle East, it doesn’t sell dairy products in the U.S., where it generated more than half of its $66.5 billion revenue last year.
“As we’ve seen through the success of our dairy business in other parts of the world, this is a category with strong growth prospects,” Mehmood Khan, Pepsi’s chief scientific officer, global research and development, said in the statement.
This month, the companies will begin selling a range of yogurt products such as Muller Corner and Muller Greek Corner in 17 U.S. markets.
PepsiCo fell 0.3 percent to $69.99 at the close in New York. Muller, based in Luxembourg, orginates from Bavaria, Germany.
To contact the reporter on this story: Niamh Ring in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Kevin Miller at email@example.com