Cadbury Schweppes is selling three non-core businesses, putting the group on-track to meet its GBP250m (US$497m) disposal target by the end of the fiscal year.
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The world’s largest confectioner said it has made disposals valued at around GBP45m in Canada, Australia and Italy.
“Once all these transactions are completed, we will have raised over GBP200m from our programme of non-core disposals. We remain on-track to deliver our target of around GBP250m from this initiative by the end of this year,” CFO Ken Hanna said today (5 June).
As previously reported by just-food, Cadbury has sold its Australian Cottee’s and Rose’s jams, toppings and desserts business to Heinz. The brands fetched around GBP29m, Cadbury revealed.
The company is preparing to sell its Canadian bulk and seasonal candy business, Allan Candy, to a company newly incorporated for the deal. The transaction is valued at up to GBP10m, comprising of GBP8m cash on completion with the remainder depending on future performance.
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By GlobalDataThe maker of Dairy Milk and Trident is also disposing of Cadbury Italia. The Italian confectionery unit is being sold to Leaf Italia SRL for GBP6m.
