SABMiller sells Panama business

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SABMiller Newscast/SABMiller PLC Credit: One Red Eye/Philip Meech.

Brewing giant SABMiller plc (SAB) announced on Monday that its subsidiary in Panama‚ Cervecera 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 Cervecera 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). - I-Net Bridge

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