PURCHASE, N.Y. (AP) -- PepsiCo Inc. said Wednesday it will form a joint venture with Israeli company Strauss Group to sell dips and spreads outside of North America, part of a push by the snack maker to expand its offerings that can be promoted as healthier alternatives.
The two companies already collaborate to sell hummus and other dips and spreads in North America under the Sabra brand.
Each will own half of the joint venture. Financial terms were not disclosed.
PepsiCo aims to triple its revenue from nutritious and "functional" foods from $10 billion in 2010 to $30 billion in 2020.
