Cott Corporation has entered into an agreement to sell its S&D Coffee and Tea division to Westrock Coffee Company for $405 million, marking its continued transition into a “pure-play water solutions provider”.
The deal follows an announcement made earlier this month in which Cott said it was evaluating ‘strategic alternatives’ for its S&D Coffee and Tea division, including the sale of the unit.
S&D Coffee & Tea is one of the largest custom coffee roasters and one of the largest blenders of iced teas for foodservice and convenience stores in the US.
“The S&D team is known for its dedication, hard work and passion for quality beverages and first-class service to its customers. That commitment is evident to anyone who visits S&D or works with them, and we are confident S&D will continue to thrive under its new ownership,” said Tom Harrington, Cott’s CEO.
Harrington added: “The combination of the sale of S&D, along with the recent announcement of Cott’s acquisition of Primo Water Corporation, positions Cott to be a pure-play water solutions provider with financial metrics more in line with our water peers.”
Earlier this month, Cott announced that it will rebrand its corporate name to Primo Water Corporation. This came after Cott agreed to acquire Primo Water Corporation, in a transaction that values Primo at approximately $775 million.
Over the last year, a number of acquisitions have been made by Cott and its subsidiaries in the water sector as it aims to expand its water solutions.
The transaction is expected to close in the first quarter of 2020 and is subject to a customary working capital adjustment.
By Emma Upshall
Source: FoodBev
Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.
Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.
The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.
