Frito-Lay Joint Ventures In Latin America With Empresas

Frito-Lay, Inc. has announced the completion of a joint venture with Empresas Polar SA of Venezuela that encompasses nine Latin American countries. The snack agreement covers Venezuela, Chile, Colombia, Ecuador, Guatemala, Honduras, Panama, Peru and El Salvador. Frito-Lay and Polar will each own 50% of the venture, except in Chile where Frito-Lay's stake will be 70%. In addition, Frito-Lay acquired Polar's small snack business in Argentina.

Frito-Lay will operate the business and retain ownership of its icon global brands, such as Lay's potato chips, Doritos tortilla chips and Cheetos cheese-flavored snacks. Polar will transfer its local brands, like Pepitos and Cheese Trix, to the joint venture.

The Frito-Lay Company, headquartered in Plano, TX, is the $10 billion snack food division of PepsiCo, Inc., which is based in Purchase, NY. Frito-Lay operates in 40 countries with brands that include Doritos, Lay and Cheetos.