POLAND: CEDC makes further Polish acquisition
Central European Distribution Corporation has acquired 100% of the shares of Delikates, an alcohol distributor in the centre of Poland, for a purchase price of approximately US$2.35m, of which 80% will be paid in cash and 20% will be paid in shares of common stock of CEDC.
The transaction is subject to anti-trust approval from the Polish government. The shares of CEDC common stock that will be issued as part of the purchase price are subject to a one-year lock-up period.
William Carey, president and CEO of CEDC, said: "We are pleased with this acquisition as it strengthens our presence between Warsaw, the capital of Poland, and Poznan, an important Polish city to the west. A major east/west highway is anticipated in this corridor, and is expected to pass directly though the area where Delikates operates. Delikates has been in the alcohol business for over 10 years and brings solid management to our group, as well as a client base of over 1,000 clients. Delikates had 2004 annual net sales of approximately US$35m."
Carey continued: "As a result of this acquisition, we are raising our 2005 full year net sales guidance from US$680-$700m to US$700-$720m and full year fully diluted earnings per share guidance from US$1.54-$1.64 to US$1.56-$1.66. We are still on target to acquire distribution companies that will meet our previous forecast of US$80-$100m of net sales on an annualized basis, which includes Delikates."
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