US: American Beverage Corp suitors to be narrowed down
Wessanen has been trying to offload ABC since at least 2010
The parent company of American Beverage Corp (ABC) has told just-drinks it will whittle down the number of buyers interested in the US soft drink maker in the next few months.
Dutch food group Wessanen, which is quitting the US to focus on Europe, said it expects to offload ABC in the fourth quarter. “[Now] is the moment of pre-marketing to test appetite, followed by subsequently narrowing down the number of interested parties over the coming months,” a company spokesperson said today (27 June).
Wessanen announced yesterday that it has officially started the sale of ABC. Wessanen will report ABC as 'discontinued operations' from the second quarter, the company said.
Wessanen has been looking to offload ABC since the start of 2010. The previous year had proved challenging for ABC, when the company's executive team left in the wake of financial irregularities.
ABC, which produces the Daily's cocktails and mixers range, posted a 10.8% increase sales in the first quarter of this year compared to the same period in 2011. Wessanen's profits dropped EUR3m (US$3.73m) to EUR1.5m over the same period.
- Ten questions for Diageo - Analysis
- Have spirits companies forgotten the mainstream?
- Does alcohol accelerate the onset of dementia?
- Pernod's mood darkens over India - Analysis
- Why Scotch must drop the 'malts good, blends bad'
- Moet Hennessy unaffected by LVMH Dior buy
- Distell acquires majority stake in Cruz Vodka
- Diageo to cut 105 jobs in Scotland, 50 in Italy
- Portman Group heads to Tesco for new chief exec
- William Grant names Europe & NA Travel Retail head
- Global Scotch insights - market forecasts, product innovation and consumer trends
- Global Champagne and sparkling wine insights - market forecasts, product innovation and consumer trends
- Battle of the Generations - The fight for iGen, Millennial, Gen X and Baby Boomer consumers
- Craft Beer: Coming of Age or Past Its Prime?
- Myanmar - ISA Country Report