Sale of milk and juice business in Panama
SABMiller plc ("SABMiller") announces that its subsidiary in Panama, Cervecería Nacional, S.A., has agreed to sell its milk and juice business to La Cooperativa de Productores de Leche Dos Pinos R.L. ("Dos Pinos") for a total cash consideration of US$86.0m.
Fernando Zavala, President of Cervecería Nacional, S.A., commented: "The milk and juice business is a legacy asset from the Bavaria transaction. The divestment will allow us to simplify our business processes and focus on beer and carbonated soft drinks in Panama, where we are the market leader in beer. We hold in high regard the people and brands of the milk and juice business, and we believe that the business will continue to have a bright future under the ownership of Dos Pinos."
Completion of the transaction is subject to approval from the Panama competition authority (the Authority for Consumer Protection and the Defense of Competition).
Overview of SABMiller
SABMiller plc is one of the world's leading brewers with more than 200 beer brands and some 70,000 employees in over 75 countries. The group's portfolio includes global brands such as Pilsner Urquell, Peroni Nastro Azzurro, Miller Genuine Draft and Grolsch; as well as leading local brands such as Aguila (Colombia), Castle (South Africa), Miller Lite (USA), Snow (China), Victoria Bitter (Australia) and Tyskie (Poland). SABMiller also has growing soft drinks businesses and is one of the world's largest bottlers of Coca-Cola products.
In the year ended 31 March 2012 the group reported EBITA of US$5,634 million and group revenue of US$31,388 million. SABMiller plc is listed on the London and Johannesburg stock exchanges.
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