AUSTRALIA: Coca-Cola Amatil in talks with Visy on PET sale
Soft drinks group Coca-Cola Amatil reported today that it is discussing the sale of its PET bottle-making assets in Australia and New Zealand with privately-held Visy Industries.
The PET business has a book value of A$140m, however the Australian soft drinks maker said in a statement to the Australian Stock Exchange that it expects to be made at small premium to its book value.
Although no agreement has been signed yet, C-C Amatil stressed any deal would include a long-term outsourcing supply contract for PET bottles between the two groups.
C-C Amatil is undergoing a restructuring of its business after an internal business review, which will include asset sales, new products and cost savings. The company hopes the plan will see net profit growth for 2002 toward the upper end of a recently established 10%-15% target.
Companies: Coca-Cola Amatil
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