Cadbury sells its Holland House cooking wine business |
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Thu, 29 Dec 2005 10:20
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LONDON: Confectioner Cadbury Schweppes Plc. announced Wednesday it has sold its U.S.-based Holland House cooking wines business to food maker Mizkan Americas for $37 million in cash.
Cadbury, the world's largest confectionery maker and owner of brands like Dairy Milk chocolate, Trident gum and Dr Pepper drinks, said the sale constituted its plan to exit non-core businesses. Last week it sold its another well known brand in the U.S. , Grandma's Molasses, to B&G Foods for $30 million in cash. Molasses is the syrup left from the processing of sugar cane or beet, which is used in the making of cakes and biscuits.
Earlier this year, it had concluded a deal to sell its European soft-drinks business, including the brands Orangina, Oasis and Schweppes mixers, to an Anglo-American private equity consortium for $1.85 billion. The group's only remaining Schweppes business is in the US and Australia.
The company said it intends to use the proceeds to reduce its debt and focus on its confectionery and beverages business, which has greater scope for growth.
Cadbury has some 50,000 people on its rolls around the world. Nearly 7,000 are at its eight locations in Britain.
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Confectionary giant to sell European business 