Keurig Dr Pepper to sell back Chobani stake for $925 million
KDP•Chobani plans investment in the facility
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.
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.
Keurig Dr Pepper agrees to sell Chobani investment and facility
Sept. 1 (Reuters) - Keurig Dr Pepper KDP.O 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:
- Keurig will sell its entire equity stake in Chobani for $800 million, and a manufacturing facility and warehouse in Allentown, Pennsylvania, for $125 million.
- The company has been reshaping its portfolio since its $18 billion acquisition of Dutch coffee and tea maker JDE Peet's in April.
- It is also preparing to separate its coffee and beverage operations into two publicly traded U.S. companies.
