PANAMA: Dos Pinos buys SABMiller milk business

By Michelle Russell | 22 January 2013

Costa Rica dairy firm Dos Pinos has acquired the milk and juice business of SABMiller's Panama subsidiary.

SABMiller announced the sale of the business by Cervecería Nacional to La Cooperativa de Productores de Leche Dos Pinos for a cash sum of US$86m yesterday (21 January).

Cervecería Nacional said the divestment will allow the company to simplify its business processes and focus on beer and carbonated soft drinks in Panama.

Show the press release

Sale of milk and juice business in Panama
21 January 2013

SABMiller plc ("SABMiller") announces that its subsidiary in Panama, Cervecería Nacional, S.A., has agreed to sell its milk and juice business to La Cooperativa de Productores de Leche Dos Pinos R.L. ("Dos Pinos") for a total cash consideration of US$86.0m.

Fernando Zavala, President of Cervecería Nacional, S.A., commented: "The milk and juice business is a legacy asset from the Bavaria transaction. The divestment will allow us to simplify our business processes and focus on beer and carbonated soft drinks in Panama, where we are the market leader in beer. We hold in high regard the people and brands of the milk and juice business, and we believe that the business will continue to have a bright future under the ownership of Dos Pinos."

Completion of the transaction is subject to approval from the Panama competition authority (the Authority for Consumer Protection and the Defense of Competition).

ENDS

Original source: SABMiller

Sectors: Dairy, Mergers & acquisitions