Cadbury Schweppes announces that it has agreed to sell its Monkhill business, which principally manufactures sugar confectionery and popcorn for the UK market, to Tangerine Confectionery Ltd for £58 million in cash. Monkhill's 2007 revenue is expected to be approximately £76 million and 2007 pro forma earnings before interest, taxation, depreciation and amortisation are expected to be approximately £6.7 million. The sale is expected to complete shortly.
The sale of Monkhill will complete the programme announced in October 2005 to dispose of non-core brands and businesses. In total, this programme will have raised over £270 million.
1. About Cadbury Schweppes
Cadbury Schweppes is the world's largest confectionery company and has strong regional beverages businesses in North America and Australia. With origins stretching back over 200 years, today Cadbury Schweppes' products - which include brands such as Cadbury, Schweppes, Halls, Trident, Dr Pepper, Snapple, Trebor, Dentyne, Bubblicious and Bassett - are enjoyed in almost every country around the world. The Group employs over 70,000 people.
2. About Tangerine Confectionery Ltd
Tangerine Confectionery was created in January 2006 by the acquisition of the UK operations of the Toms Group of Denmark. The Toms UK business had been created through the acquisition of three traditional confectionery companies, Taveners, Daintee and Parrs, over a ten-year period, between 1992 and 2001. Tangerine was expanded in August 2006 with the acquisition of the confectionery arm of Burtons giving the business a turnover in excess of £60 million and 650 employees. Tangerine is headquartered in Blackpool and has two manufacturing facilities in the town as well as factories in Liverpool and Poole.
As well as providing all the major grocers and convenience groups with own label products, the principal brands traded by Tangerine are Princess, Taverners and Mojo. Tangerine's product range includes Marshmallows, Liquorice Allsorts, a wide range of hard-boiled sweets, gums and jellies.
Forward Looking Statements
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