PURCHASE, N.Y. (AP) -- Soft drink maker PepsiCo Inc. said Monday it completed the formation of its joint venture with Strauss Group to operate hummus maker Sabra.
The joint venture will make and sell dips and spreads in the U.S. and Canada. PepsiCo's Frito-Lay North America unit and Strauss will both own 50 percent of the partnership.
Financial terms of the deal were not disclosed.
In 2007, PepsiCo said Sabra had sales of $65 million. PepsiCo said U.S. sales of hummus last year totaled about $192 million.
Hummus is a spread made with mashed chickepeas, olive or sesame oil, and various spices.
