Wessanen has started the divestment process of its US subsidiary American Beverage Corporation (ABC). In line with our strategy to focus on organic food in Europe with the clear vision to make our organic brands most desired in Europe, we previously labelled ABC as non-core.
We expect the divestment to finalise in the fourth quarter of the year. The process is being managed by Moelis & Company.
The proceeds from the sale will be primarily used to further grow our European activities, both autonomously and via add-on acquisitions, while maintaining a conservative capital structure.
Over the last few years ABC management has done a great job in turning around the company. Multiple processes in areas such as production, supply chain, sales, marketing and finance have improved drastically. As a result ABC is growing, benefiting from expanded distribution, significantly higher marketing investments and brand activation.
ABC will be reported as 'discontinued operations' as of the second quarter 2012.
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