Coca-Cola Enterprises Inc. Announces Letters of Intent to Acquire Six United States Bottlers for $770 Million.ATLANTA--(BUSINESS WIRE)--Oct. 21, 1998-- -- Wolslager Group operating in parts of Texas, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). and Arizona. -- Cameron Coca-Cola Bottling Company A bottling company is a commercial enterprise whose output is the bottling of beverages for distribution. Many bottling companies are franchisees of corporations such as Coca-Cola and PepsiCo who distribute the beverage in a specific geographic region. which operates in Pittsburgh, Pennsylvania “Pittsburgh” redirects here. For the region, see Pittsburgh Metropolitan Area. Pittsburgh (pronounced IPA: /ˈpɪtsbɚg/) is the second largest city in the Commonwealth of Pennsylvania. and portions of Ohio and West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . -- Montgomery Coca-Cola Bottling Company located in southern Alabama. -- Bryan Coca-Cola Bottling Co., Nacogdoches Coca-Cola Bottling Company, and Sulphur Springs Coca-Cola Bottling Company all located in eastern Texas. Coca-Cola Enterprises today announced the Company has signed letters of intent to acquire six independent United States bottlers. The acquisitions are expected to be completed for a combined total transaction value (purchase price plus acquired debt) of approximately $770 million. Coca-Cola Enterprises anticipates financing approximately 85 percent of the total transaction value with shares of the Company's common stock and the remaining 15 percent represented by debt and assumed debt. Operating in portions of 7 states, the bottlers generated aggregate pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma 1997 net operating revenues of approximately $365 million and total unit case sales of 80 million. "Contiguous nondilutive acquisitions provide us with a unique opportunity to leverage our existing infrastructure and generate very attractive rates of return," commented Henry A. Schimberg, president and chief executive officer of Coca-Cola Enterprises. "The bottling business continues to favor large, well-capitalized companies that are capable of making the types of investments required for profitable long-term growth." The proposed transactions are subject to negotiation of definitive purchase agreements, expiration of Hart-Scott-Rodino Antitrust review periods, and approval of all appropriate boards of directors. The transactions are expected to close by the end of 1998. All of the sellers, with the exception of the Wolslager Group, were represented by Overend & Company located in Atlanta, Georgia. Coca-Cola Enterprises Inc. (NYSE NYSE See: New York Stock Exchange : CCE CCE Cornell Cooperative Extension CCE Corporate and Continuing Education CCE Coca-Cola Enterprises Inc. CCE Commission de Coopération Environnementale CCE Centre for Continuing Education CCE College of Continuing Education CCE Certified Computer Examiner ) is the world's largest marketer, distributor, and producer of bottle and can liquid nonalcoholic non·al·co·hol·ic adj. A beverage usually containing less than 0.5 percent alcohol by volume. refreshment. Coca-Cola Enterprises sells more than 65 percent of The Coca-Cola Company's bottle and can volume in North America and is the sole licensed bottler for products of The Coca-Cola Company in Belgium, Great Britain, Luxembourg, the Netherlands, and most of France. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion