Company will trade on the NYSE under the
symbol "PRMB" on November 11,
2024
Declares Quarterly Dividend
TAMPA,
Fla. and STAMFORD,
Conn., Nov. 8, 2024 /CNW/ - Primo Brands
Corporation (NYSE: PRMB) ("Primo Brands" or the "Company") today
announced the successful completion of the merger (the
"Transaction") of Primo Water Corporation ("Primo Water") and an
affiliate of BlueTriton Brands, Inc. ("BlueTriton"), creating
Primo Brands, a leading branded
beverage company in North America
with a focus on healthy hydration.
"I am honored to lead our combined company and our team of
world-class associates," said Robbert Rietbroek, Chief Executive
Officer of Primo Brands. "Together,
we are forming a differentiated leader in branded beverages. With a
highly competitive portfolio of brands, a variety of formats and
offerings across price points, and a vertically integrated,
coast-to-coast manufacturing and distribution network across
North America, we believe
Primo Brands is strategically
positioned to accelerate growth, deliver superior products and
services for our customers and consumers, and be a best-in-class
U.S. beverage company."
"Primo Brands has an iconic brand
portfolio, including billion-dollar, widely recognized brands such
as Poland Spring® and Pure Life®, high-growth
premium brands like Saratoga® and Mountain
Valley®, and other valuable brands with significant
growth potential," continued Mr. Rietbroek. "Our goal is to drive
sustainable, long-term shareholder value creation as we capture
transformative operational efficiencies, achieve our synergy goals
and deliver strong financial results. I want to thank our talented
teams for their dedication and hard work in building our strong
momentum."
"I believe Primo Brands is
positioned to be a leader in the healthy hydration beverage
category, thanks to the strength of its iconic, sustainably-sourced
brands, its robust operations and extensive North American network,
and its responsible operation of numerous springs across the
country," said Dean Metropoulos,
Non-Executive Chairman of the Board of Directors of Primo Brands. "We have a clear strategy to
accelerate growth driven by the strong demand for branded beverages
and healthy hydration that continues to expand across all
high-growth channels, including retail, clubs, restaurants,
hospitality, convenience stores, hospitals, schools, offices and
more. Importantly, we also continue to strengthen Primo Brands' commitment to sustainability,
including through our increasingly environmentally friendly
delivery fleet, circular packaging efforts and water
stewardship."
"Primo Brands has an exciting
future with premium, trusted brands that have a rich American
heritage, six of which are more than 100 years old and four that
date back to the 1800s, diverse assets and operations, a strong
commitment to protecting our environment and communities, and
highly engaged associates focused on execution," continued Mr.
Metropoulos. "Driving Primo and its differentiated advantages is a
highly entrepreneurial and motivated executive team and Board of
Directors that foster a positive and rewarding work environment for
all of the Company's associates and operate with a highly efficient
performance culture. We believe the continued and consistent,
multi-year growth across the combined company's portfolio, together
with attractive margins, will continue to drive Primo Brands' value into the future."
Shares of Class A common stock of Primo
Brands are expected to begin trading on the New York Stock
Exchange on Monday, November 11,
2024, under the ticker symbol "PRMB"'.
MANAGEMENT AND GOVERNANCE
As previously announced, Robbert Rietbroek will serve as Chief
Executive Officer, David Hass will
serve as Chief Financial Officer and Robert
Austin will serve as Chief Operating Officer of Primo Brands.
Primo Brands' Board of Directors
is comprised of the following 14 directors: Dean Metropoulos (Non-Executive Chairman of the
Board), Kurtis Barker, Britta Bomhard, Susan
Cates, Michael Cramer,
Eric Foss, Jerry Fowden, Tony
Lee, Billy Prim, Kimberly Reed, Robbert Rietbroek, Joseph Rosenberg, Allison Spector and Steven Stanbrook.
Primo Brands will maintain dual
headquarters in Tampa, FL and
Stamford, CT.
QUARTERLY DIVIDEND
The Board of Directors of Primo
Brands today declared a quarterly dividend of $0.09 per share on the outstanding Class A common
stock and Class B common stock of the Company. The dividend is
payable to shareholders of record as of the close of business on
November 22, 2024, and will be paid
on December 5, 2024.
ABOUT PRIMO BRANDS
Primo Brands is a leading North
American branded beverage company with a focus on healthy
hydration, delivering sustainably and domestically sourced
diversified offerings across products, formats, channels, price
points and consumer occasions, distributed in every state and
Canada.
Primo Brands has an extensive
portfolio of highly recognizable, sustainably sourced and
conveniently packaged branded beverages distributed across more
than 150,000 retail outlets, including established billion-dollar
brands, Poland Spring® and Pure Life®,
premium brands like Saratoga® and Mountain
Valley®, regional leaders such as Arrowhead®,
Deer Park®, Ice
Mountain®, Ozarka®, and Zephyrhills®, purified brands
including Primo Water®
and Sparkletts®, and flavored and enhanced brands like
Splash® and AC+ION®. These brands are sold
directly across retail channels, including mass food, convenience,
natural, drug, wholesale, distributors and home improvement, as
well as food service accounts in North
America. The Company also has extensive direct-to-consumer
offerings with its industry-leading line-up of innovative water
dispensers, which create consumer connectivity through recurring
water purchases across its Water Direct, Water Exchange and Water
Refill businesses. Through its Water Direct business, Primo Brands delivers sustainable hydration
solutions direct to home and business consumers. Through its Water
Exchange business, consumers can visit approximately 26,500 retail
locations and purchase a pre-filled, multi-use bottle of water that
can be exchanged after use for a discount on the next purchase.
Through its Water Refill business, consumers have the option to
refill empty multi-use bottles at approximately 23,500 self-service
refill stations. Primo Brands also
offers water filtration units for home and business consumers
across North America.
Primo Brands is a leader in
reusable packaging, helping to reduce waste through its reusable,
multi-serve bottles and innovative brand packaging portfolio, which
includes recycled plastic, aluminum and glass. Primo Brands sources from numerous springs and
manages water resources for long-term sustainability, helping to
protect more than 27,000 acres of watershed and wetlands area owned
by the Company for preservation and to help assure a steady supply
of clean, safe drinking water. The Company is proud to partner with
the International Bottled Water Association ("IBWA") in
North America, which supports
strict adherence to safety, quality, sanitation and regulatory
standards for the benefit of consumer protection. We believe in
fostering a respectful culture that values our associates and key
stakeholders, and we are deeply invested in quality hydration, our
communities and the sustainability of our packaging and water
sources for generations to come. Primo
Brands will continue Primo
Water and BlueTriton's strong support for American
communities during natural disasters, in dealing with local and
regional hydration quality issues and in connection with many other
local community challenges.
Primo Brands employs more than
11,000 associates with dual headquarters in Tampa, FL, and Stamford, CT, and has more than 50 production
facilities and more than 200 depots for efficient delivery to
customers and consumers across North
America.
For more information, visit www.primobrands.com.
Early Warning Reporting
As a result of the Transaction, Primo
Water and Triton Water Intermediate, Inc., a wholly-owned
subsidiary of BlueTriton, became wholly-owned subsidiaries of the
Company. In connection with the Transaction, the Company has
filed an early warning report in respect of Primo Water under Primo
Water's profile on SEDAR+. A copy of the early warning
report can also be obtained by contacting Jon Kathol at investorrelations@primobrands.com.
The address of the Company is 1150 Assembly Drive, Suite 800
Tampa, Florida 33607 and the
address of Primo Water is 1150
Assembly Drive, Suite 800 Tampa,
Florida 33607.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities legislation, including Section 27A of the U.S.
Securities Act of 1933 and Section 21E of the U.S. Securities
Exchange Act of 1934, conveying management's expectations as to the
future based on plans, estimates and projections at the time of
such statements. Forward-looking statements involve inherent risks
and uncertainties and several important factors could cause actual
results to differ materially from those contained in any such
forward-looking statement. You can identify forward-looking
statements by words such as "may," "will," "would," "should,"
"could," "expect," "aim," "anticipate," "believe," "estimate,"
"intend," "plan," "predict," "project," "seek," "potential,"
"opportunities," and other similar expressions and the negatives of
such expressions. However, not all forward-looking statements
contain these words. The forward-looking statements contained in
this press release include, but are not limited to, statements
regarding the estimated or anticipated future results of the
Company following the Transaction, the anticipated benefits of the
Transaction, the listing and trading of Primo Brands on the NYSE, the payment of the
Company's quarterly dividend, and other statements that are not
historical facts. The forward-looking statements are based on
Primo Brands' current expectations,
plans and estimates. Primo Brands
believes these assumptions to be reasonable, but there is no
assurance that they will prove to be accurate.
Factors that could cause actual results to differ materially
from those described in this press release include, among others:
(i) risks relating to the integration of Primo Water and BlueTriton's operations,
products and employees into Primo
Brands and the possibility that the estimated synergies and
other benefits of the Transaction will not be realized or that they
will not be realized within the expected timeframe, (ii) risks
relating to the combined business of Primo
Brands and the industries in which it operates following the
Transaction, (iii) the risk of any litigation relating to the
Transaction, (iv) the risk that the Transaction could have an
adverse effect on the ability of Primo
Brands to retain and hire key personnel, and (v) potential
adverse reactions or changes to business relationships resulting
from the completion of the Transaction.
The foregoing list of factors is not exhaustive. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the "Risk Factors" section of the
management information circular and proxy statement on Schedule 14A
filed by Primo Water on October 7, 2024 and other documents filed by
Primo Brands from time to time with
the U.S. Securities and Exchange Commission. These filings identify
and address other important risks and uncertainties that could
cause actual events and results to differ materially from those
contained in the forward-looking statements. Readers are cautioned
not to place undue reliance on any forward-looking statements,
which speak only as of the date hereof. Primo Brands does not undertake to update or
revise any of these statements considering new information or
future events, except as expressly required by applicable law.
Website: www.primobrands.com
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SOURCE Primo Water Corporation