Sept 1 (Reuters) - Keurig Dr Pepper said on Tuesday it would sell its investment in Chobani back to the yogurt maker for $925 million, as the beverage company reshapes its business following its acquisition of JDE Peet's.
Here are some details:
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Keurig will sell its entire equity stake in Chobani for $800 million, and a manufacturing facility and warehouse in Allentown, Pennsylvania, for $125 million.
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The company has been reshaping its portfolio since its $18 billion acquisition of Dutch coffee and tea maker JDE Peet's in April.
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It is also preparing to separate its coffee and beverage operations into two publicly traded U.S. companies.
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Chobani said it would invest about $1.2 billion over the next five years in the facility, as it seeks to create milk with more protein and less sugar than traditional milk.
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Last month, Keurig Dr Pepper maintained its annual forecasts after strong demand for its soda and energy drink brands helped it beat second-quarter sales and profit estimates.
Reporting by Neil J Kanatt in Bengaluru; Editing by Leroy Leo
Source: Reuters