CHINA: Pacific Water & Drinks acquires China Water & Drinks
Pacific Water & Drinks (HK) Group has completed the acquisition of China Water & Drinks for an undisclosed sum.
Icelandic Water Holdings-owned Pacific Water, said today (3 October) that the purchase will allow it to capitalise on opportunities in the Chinese markets. The acquisition is expected to result in a combined total production capacity of around 1.3bn bottles per year.
China Water & Drinks, which is owned by Heckmann Corp, operates in east and south-east China. Icelandic Water currently has operations in Hong Kong, Shanghai, Guangzhou and Xian. Its subsidiary Pacific Water & Drinks produces and distributes beverages in Greater China.
"We are pleased to announce our recent acquisition of China Water & Drinks," said Icelandic Water Holdings' chairman and co-founder, Jon Olafsson. "This is a central component to Pacific Water & Drinks and, combined with our distribution and bottling experience, this will allow us to capitalise on the opportunities that are available in the Chinese markets."
China Water & Drinks' chairman and CEO, Richard Heckmann, said the sale will allow the company to focus exclusively on its US water operations.
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