PURCHASE, N.Y. (AP) -- PepsiCo Inc. will sell Japan's Suntory Holdings Ltd. a 51 percent stake in its Vietnam beverage business, with the two companies combining resources to expand in the growing market.
PepsiCo will keep a 49 percent stake in the joint venture, the companies said late Monday. Financial terms were not released.
Both Suntory and PepsiCo executives will help manage the business, which will serve as the bottler for both companies in Vietnam.
The move comes as the company focuses more on developing and emerging markets. In the past five years, PepsiCo's revenue from such countries has nearly tripled.
PepsiCo, which is based in Purchase, N.Y., will continue to handle the marketing and product development for its beverages sold in Vietnam, which include Pepsi-Cola, 7-UP, Sting, Mirinda, Tropicana Twister, Lipton and Aquafina. Suntory, which has experience developing drinks for the Asian market, will also contribute its brands.
The two companies have also worked together in the U.S., Japan and New Zealand.
Shares fell 85 cents, or 1.2 percent, to $68.75 in afternoon trading, in line with declines in the broader market.