Cadbury Schweppes Announces German Soft Drinks JV To Terminate.LONDON--(BUSINESS WIRE)--July 30, 1996--Cadbury Schweppes plc, (NYSE NYSE See: New York Stock Exchange : CSG CSG - constructive solid geometry ), today announced that Apollinaris & Schweppes GmbH & Co., its soft drinks joint venture with Brau & Brunnen AG in Germany and Austria, will terminate. The joint venture will continue to operate fully to the end of 1998. Until this time there will be no change to the current ownership and management structure with Cadbury Schweppes Cadbury Schweppes plc is a confectionery and beverage company with its headquarters in Berkeley Square, London, England, UK. Cadbury Schweppes is currently the only major international confectionery manufacturer to produce Fairtrade or organic products, which it sells through its continuing to hold its 28% share. On termination the two companies will operate stand-alone businesses. The joint venture, formed in 1991, has been successful in establishing the brands of both companies at trade and consumer level and in achieving significant synergies in sales, marketing, administration and logistics. However, both companies now recognize that continuation of the joint venture will not best serve their respective business objectives in line with developments in the German and Austrian soft drinks markets. Commenting on the announcement, Matthew Litobarski, Managing Director, Schweppes Europe Franchises, said, "The joint venture has helped us to position Schweppes brands in both the German and Austrian markets and establish a platform from which we can continue to satisfy the requirements of our customers and the consumer. International soft drinks brands have become increasingly important in the German and Austrian soft drinks markets and with the strength of the brands in our portfolio we will be able to take advantage of these new segments and consumer tastes." Cadbury Schweppes 28% share in the joint venture will be valued on termination but the impact is not expected to be material in relation to Cadbury Schweppes net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. . In 1995, Apollinaris & Schweppes produced around 380 million liters of soft drinks and mineral water. Cadbury Schweppes plc is a major global company in beverages and confectionery whose brands and products are consumed in over 190 countries around the world. Cadbury Schweppes ADRs are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . One ADR ADR - Astra Digital Radio equals four ordinary shares. CONTACT: Cadbury Schweppes plc Mike Mason, Director of Investor Relations Investor relations The process by which the corporation communicates with its investors. Dora McCabe, Group PR Manager 011-44-171-409-1313 or Gavin Anderson & Company Cameron King 212-373-0200 |
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