TORONTO and TAMPA, FL, Feb. 8,
2019 /CNW/ - Cott Corporation (NYSE:COT; TSX:BCB) today
announced the sale of its soft drink concentrate production
business and its RCI International division ("Cott Beverages LLC")
to Refresco for USD $50 million, who
in turn sold the RCI worldwide branded activities to RC Global
Beverages Inc.
Cott Beverages LLC is a leading developer and manufacturer of
soft drink concentrates for bottlers in more than 70 countries.
Cott Beverages LLC generated approximately $80 million in sales during 2018 including
concentrate production directly supporting Refresco's beverage
manufacturing business.
"This transaction is the final step in the transformation
of our business where selling the remaining business unit of the
traditional carbonated soft drinks business is consistent with
our strategy of accelerating the growth across our platform in
water, coffee, tea, extracts and filtration solutions," commented
Tom Harrington, Cott's Chief
Executive Officer. "We want to thank all the associates of Cott
Beverages LLC for their contributions and wish them well as they
rejoin their former traditional bottling business colleagues and
become a part of Refresco," continued Mr. Harrington.
Hans Roelofs, CEO Refresco: "We
are pleased to add Cott's Columbus
concentrate manufacturing facility to Refresco North America. It
adds extensive innovation capabilities and skills and creates a
global center of excellence for beverage concentrate manufacturing.
It is a perfect fit with our business. We have decided to
divest the RCI International branded activities and find an owner
who can bring similar focus and continuity to this iconic brand.
With RC Global Beverages Inc., we believe we have found an
excellent match. The sale of Columbus from Cott to Refresco and the sale of
the RCI International activities from Refresco to RC Global
Beverages Inc. took place simultaneously."
ABOUT COTT CORPORATION
Cott is a water, coffee, tea, extracts and filtration service
company with a leading volume-based national presence in the North
American and European home and office delivery industry for bottled
water, and a leader in custom coffee roasting, iced tea blending,
and extract solutions for the U.S. foodservice industry. Our
platform reaches over 2.5 million customers or delivery points
across North America and
Europe and is supported by
strategically located sales and distribution facilities and fleets,
as well as wholesalers and distributors. This enables us to
efficiently service residences, businesses, restaurant chains,
hotels and motels, small and large retailers, and healthcare
facilities.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 conveying
management's expectations as to the future based on plans,
estimates and projections at the time Cott makes the statements.
Forward-looking statements involve inherent risks and uncertainties
and Cott cautions you that a number of important factors could
cause actual results to differ materially from those contained in
any such forward-looking statement. The forward-looking statements
contained in this press release include, but are not limited to,
statements related to expected 2018 sales of Cott Beverages LLC.
The forward-looking statements are based on assumptions regarding
the time necessary to satisfy the conditions to the closing of the
transaction and management's current plans and estimates.
Management believes these assumptions to be reasonable but there is
no assurance that they will prove to be accurate.
The foregoing list of factors is not exhaustive. Readers are
cautioned not to place undue reliance on any forward-looking
statements, which speak only as of the date hereof. Readers are
urged to carefully review and consider the various disclosures,
including but not limited to risk factors contained in Cott's
Annual Report on Form 10-K and its quarterly reports on Form 10-Q,
as well as other filings with the securities commissions. Cott does
not undertake to update or revise any of these statements in light
of new information or future events, except as expressly required
by applicable law.
Website: www.cott.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cott-announces-the-sale-of-its-soft-drink-concentrate-production-business-and-rci-international-division-to-refresco-in-an-all-cash-transaction-300791741.html
SOURCE Cott Corporation