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Colombian Bottled Water Brand Sold to Coca-Cola |
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Monday, 11 August 2008 |
ATLANTA: SABMiller PLC's Colombian subsidiary will sell its Agua Brisa bottled water business to The Coca-Cola Co. and the U.S. beverage maker's Latin American distributor for $92 million, the companies said Thursday.
The distributor, Coca-Cola FEMSA, said the deal to acquire the brand and production facilities from the brewer's Colombian unit, Bavaria SA, will enable it to "increase our presence in the water business and complement our portfolio."
Bavaria President Karl Lippert said the cash transaction "will enable Bavaria to focus on its core strength, the brewing and distribution of beer and malted beverages."
The cash transaction is subject to approval from Colombian antitrust regulators, and is expected to close late this year or early next year.
Coca-Cola FEMSA said it will split the acquisition price equally with Coca-Cola.
Agua Brisa sold 47 million unit cases in 2007 in Colombia, Coca-Cola FEMSA said. Agua Brisa is produced at 13 plants across Colombia, and is sold in more than 230,000 retail outlets nationwide.
Copyright 2008 Associated Press. All rights reserved.
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