Suntory Holdings Ltd. said Tuesday it has agreed with PepsiCo Inc. to form a strategic alliance in the beverage business in Vietnam, where the market is expanding by around 20 percent annually.
Suntory said ti will acquire a 51 percent share in PepsiCo's local subsidiary by as early as next spring, but it did not disclose the total amount of investment.
The local company will produce Pepsi-Cola and Lipton drinks and market them for the time being, and will also consider producing and selling Suntory's products in the future, Suntory said.