POLAND: CEDC acquires distributor for $2m
Central European Distribution Corporation has acquired an alcohol distributor in the southeast of Poland for approximately US$2.0m. CEDC has also assumed approximately US$500,000 of working capital debt in an all cash transaction.
In a statement, CEDC said that as a result it was raising its 2004 full year net sales guidance from US$529-$539m to US$543-$553m and 2004 full year fully diluted earnings per share guidance from US$1.26-$1.31 to US$1.28-$1.33.
William Carey, president and CEO of CEDC, said: "We are pleased with this transaction as it is expected to result in a strengthening of our distribution platform in a very strategic region of Poland."
He continued: "We remain committed to our objective of obtaining US$100-$120m in net sales on an annualized basis this year through acquisitions. We are still on track to deliver approximately US$50-$70m of net sales on an annualized basis through the remainder of this year. We are also pleased to announce that the anti-monopoly office has confirmed their acceptance of our last acquisition, Miro Sp. z o.o."
In March 2004, CEDC announced that it was conducting due diligence of a small privately held Polish distillery. Carey said that "based on the results of our due diligence, we have decided not to continue the acquisition process of this small distillery at this point in time. However, we continue to actively pursue the acquisition of Polmos Bialystok, the largest distillery in Poland."
The Polish State Treasury is still looking to privatize Polmos Bialystok by the end of 2004.
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