- Cott Corporation (NYSE:COT) announced that it sold its traditional beverage manufacturing business to Refresco (OTCPK:RFFRY) for $1.25B in an all-cash transaction.
- The agreement includes Cott's North America, U.K., and Mexico businesses (excluding the RCI International division and its associated concentrate facility as well as the Aimia Foods division).
- The company says the deal is in line with an accelerated diversification and acquisition strategy.
- "The sale of Cott's traditional business substantially accelerates our ability to deleverage the business and positions us well to grow our water, coffee, tea and filtration businesses both organically and through value accretive tuck-in acquisitions while also giving us the optionality to expand our platforms through larger scale acquisitions if and when the right value enhancing opportunities present themselves," says Cott CEO Jerry Fowden.
- Source: Press Release
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