Cott sells bev­er­age man­u­fac­tur­ing busi­ness to Re­fresco

The Guardian (Charlottetown) - - BUSINESS -

TORONTO — Cott Corp. (TSX:BCB) has signed a deal to sell its tra­di­tional bev­er­age man­u­fac­tur­ing busi­ness to Dutch com­pany Re­fresco for US$1.25 bil­lion.

The Toronto-listed com­pany’s Cott Bev­er­ages di­vi­sion is one of the world’s largest pro­duc­ers of drinks on be­half of re­tail­ers, brand own­ers and dis­trib­u­tors.

Cott says the sale will help po­si­tion it to bet­ter grow its wa­ter, cof­fee, tea and fil­tra­tion busi­nesses both or­gan­i­cally and with ac­qui­si­tions. Pro­ceeds from the sale are ex­pected to be used to help re­duce debt.

Re­fresco is an in­de­pen­dent bot­tler of soft drinks and fruit juices for re­tail­ers and brands with pro­duc­tion in Europe and the United States.

The deal is ex­pected to close in the sec­ond half of this year, sub­ject to cer­tain clos­ing con­di­tions in­clud­ing regulatory ap­proval, Re­fresco share­holder ap­proval, and work­ing cap­i­tal ad­just­ments.

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