NEW YORK -- International Dispensing Corporation (IDC) (IDND.PK) issued today a status update on its business with PepsiCo.
On November 18, 2011, IDC and PepsiCo announced a global supply agreement for The Answer® tap. The Company expected a product rollout in China in Q1 2012. Almost concurrently with the IDC announcement, PepsiCo China announced that it had entered into a joint venture with Tingyi, the largest tea producer in China with annual revenues of $16.6 billion. The joint venture, involving considerable shifting of assets and employees, first required the approval of the Chinese Government, which was granted on April 1, 2012. Since then, Tingyi and PepsiCo China have been immersed in a complex integration process to ensure continuity of their existing businesses. The combined entity of Pepsi/Tingyi is expected to represent approximately 20% of the Chinese beverage market, and result in greater distribution and production capacity of PepsiCo products. Due to the above logistics, PepsiCo China's new innovative projects have experienced delays.
Although there can be no assurance, based on recent communications IDC believes that PepsiCo China is ready once again to focus on innovation, and that The Answer® remains a very important foodservice platform for PepsiCo China. As more information becomes available, IDC will report important developments.
About International Dispensing Corporation
IDC is a research and development company based in New York City that develops and manufactures game-changing, eco-friendly dispensing solutions for the flexible packaging and food-and-beverage industries. Along with its visionary dispensing innovations, IDC provides its customers with invaluable supply chain assistance and expertise.
On November 18, 2011, IDC and PepsiCo announced a global supply agreement for The Answer® tap. The Company expected a product rollout in China in Q1 2012. Almost concurrently with the IDC announcement, PepsiCo China announced that it had entered into a joint venture with Tingyi, the largest tea producer in China with annual revenues of $16.6 billion. The joint venture, involving considerable shifting of assets and employees, first required the approval of the Chinese Government, which was granted on April 1, 2012. Since then, Tingyi and PepsiCo China have been immersed in a complex integration process to ensure continuity of their existing businesses. The combined entity of Pepsi/Tingyi is expected to represent approximately 20% of the Chinese beverage market, and result in greater distribution and production capacity of PepsiCo products. Due to the above logistics, PepsiCo China's new innovative projects have experienced delays.
Although there can be no assurance, based on recent communications IDC believes that PepsiCo China is ready once again to focus on innovation, and that The Answer® remains a very important foodservice platform for PepsiCo China. As more information becomes available, IDC will report important developments.
About International Dispensing Corporation
IDC is a research and development company based in New York City that develops and manufactures game-changing, eco-friendly dispensing solutions for the flexible packaging and food-and-beverage industries. Along with its visionary dispensing innovations, IDC provides its customers with invaluable supply chain assistance and expertise.
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