PotatoPro

Pepsico Inc. is acquiring a stake in Calbee Foods Co., Japan’s biggest producer of potato chips and shrimp crackers, as part of a push to sell more snacks overseas.

PepsiCo, the world’s biggest snack-food maker, said in a statement it will exchange its Frito-Lay Japan business and an undisclosed amount of cash for a 20 percent stake in the expanded company. Calbee had sales of about $1.3 billion in the year ended March 2009, compared with approximately $100 million in annual revenue for Frito-Lay Japan. Purchase, New York-based PepsiCo will hold a seat on Calbee’s board.

The transaction, approved today by Calbee’s shareholders, is subject to Japanese regulatory approval.