Cadbury Schweppes is today announcing the sale of a number of its non-core businesses:
- We have agreed to sell our Australian jams, toppings and jellies business to H. J. Heinz Company Australia Limited. The sale includes the grant of a licence to use the Cottee's and Rose's brands in certain categories (expressly excluding confectionery and beverages) in Australia and New Zealand. The total sale price is approximately A$70 million (£29 million) in cash. Completion of the disposal is expected to occur early in the third quarter of 2007.
- We have also completed the sale of two further non-core businesses:
- Allan Candy, a Canadian bulk and seasonal candy business, to a company newly incorporated for the purpose, The Allan Candy Company Limited, for up to C$22 million (£10 million), comprising C$18 million (£8 million) in cash on completion with the balance depending on future performance.
- Cadbury Italia, an Italian confectionery business, to Leaf Italia SRL for €9 million (£6 million).
Ken Hanna, Chief Financial Officer, said: "Once all these transactions are completed, we will have raised over £200 million from our programme of non-core disposals. We remain on track to deliver our target of around £250 million from this initiative by the end of this year."
About Cadbury Schweppes
Cadbury Schweppes is the world's largest confectionery company and has strong regional beverages businesses in North America and Australia. On 15 March 2007, Cadbury Schweppes announced that it intends to separate its confectionery and Americas Beverages businesses. 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.
Forward Looking Statements
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