POLAND: CEDC makes 11th acquisition
The Polish drinks importer Central European Distribution Corporation today announced that it has completed its eleventh acquisition, with the purchase of Miro Sp, a strategic alcohol beverage distributor in the south-west region of Poland near the Czech border.
The acquisition of Miro is expected to be accretive to CEDC's 2004 earnings by approximately $0.04 per fully diluted share. The acquisition of Miro is also expected to add approximately US$11m in net sales for the remainder of 2004.
As a result, CEDC, which is listed in the US on Nasdaq, is raising its 2004 full year net sales guidance from US$518-$528m to US$529-$539m and 2004 full year fully diluted earnings per share guidance from US$1.85-$1.92 to US$1.89-$1.96.
CEDC acquired 100% of the shares of Miro for approximately US$1.617m. The transaction is subject to anti-trust approval.
Cash paid was US$1.367m and approximately US$250,000 will be paid in shares of CEDC common stock only after receipt of final approval. The shares of CEDC common stock to be issued to the owners of Miro will be subject to a one-year lock-up period.
William Carey, president and CEO of CEDC, said: "We are pleased to be adding Miro to the CEDC group. Miro has a strong client base and solid management team who has over 12 years of experience in alcohol distribution in their region of Poland."
CEDC operates nine distribution centres and 60 satellite branches throughout Poland. It distributes brands such as Johnnie Walker Scotch, Stock Brandy, Jose Cuervo Tequila, Sutter Home, Torres, Mondavi and Concha y Toro wines, Corona, Beck's, Foster's, Grolsch, Budweiser Budvar and Guinness Stout beers.
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