US/JAPAN: Sapporo Holdings to control Silver Springs Citrus
Sapporo Holdings to take 51% stake in Silver Springs Citrus
Sapporo Holdings has agreed to acquire control of Silver Springs Citrus, one of the largest private-label producers of premium fruit juices in the US.
Sapporo said today (7 February) that it has agreed to buy a 51% stake in Silver Springs from Toyota Tsusho America for US$24m. The Japanese brewer is keen to move into non-alcoholic drinks in the US to complement strong growth for the Sapporo beer brand in the country.
"This stock purchase provides Sapporo with a base for its beverage businesses in North America," the group said. It said that it will work with Toyota Tsusho to expand the unit, which is the largest private-label producer of non-alcoholic chilled beverages in the US.
In its most recent fiscal year, to the end of September, Silver Springs reported a 3% drop in net sales, to US$118m. The Florida-based group has 227 employees.
For the company announcement, click here.
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