Jakarta –
PT Indofood CBP Sukses Makmur Tbk (ICBP) has bought up shares from Cheetos, Lays, and Doritos producers, namely PT Indofood Fritolay Makmur (IFL) last February.
The total shares purchased by ICBP reached Rp 494 billion, or 49% of the total shares issued by IFL. The shares were originally owned by Fritolay Netherland Holding BV, an affiliate of PepsiCo Inc.
As previously announced, the transaction causes the three well-known snack brands Cheetos, Lays, and Doritos to stop producing in Indonesia as of August 2021 for the next three years.
Not only production, neither Frito-Lay, PepsiCo nor other affiliated parties are prohibited from packaging, selling, marketing or distributing any snack products in Indonesia.
Lays, Cheetos, and Doritos are snacks that are famous in Indonesia and even in the world. Lays has been around for about 75 years, first marketed by Herman W. Lay in the 1930s
Quoted from InsiderAt that time, Herman, who works as a salesman, sold Lays around using his car around the Nashville, Tennessee, USA area. In the midst of building his chip company was another competitor named Fritos.
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