The Coca-Cola Co will buy the 50% stake through its European Refreshments subsidiary

The Coca-Cola Co will buy the 50% stake through its European Refreshments subsidiary

Coca-Cola HBC has agreed to sell a 50% stake in Lithuanian bottled water company Neptuno Vandenys to The Coca-Cola Co for EUR10m (US$11m).

The deal, which comes less than a year after CCHBC agreed to buy Neptuno Vandenys, is expected to close in the fourth quarter, the companies said today. The half-share will go to Coca-Cola subsidiary, European Refreshments.

just-drinks understands that most acquisitions by Coca-Cola bottlers in the stills category are 50-50 purchases with Coca-Cola.

Neptuno's production facilities and water sources are located in Varena, in south Lithuania. Prior to its purchase by CCHBC, the company had a 20% market share in the country through its namesake brand. 

In the past year, CCHBC has recovered from sales and profits falls to post a return to net profit and organic sales growth in its most recent H1 results. In August, the bottler, which operates in Europe and Nigeria, said it had increased first-half net profits by 12% and organic sales by 3%.