January 31, 2020 / 12:11 PM / a month ago

Cott Corp to sell coffee, tea business for $405 mln

Jan 31 (Reuters) - Canada's Cott Corp said on Friday it would sell its S&D Coffee and Tea business to privately owned Westrock Coffee Co for $405 million in cash, as it looks to focus on its more profitable water business.

The company's coffee, tea and extract unit posted revenue of $587.6 million in fiscal 2018, accounting for nearly a quarter of its overall sales.

Earlier this month, Cott said it would buy U.S.-based Primo Water Corp for $549.4 million, bolstering its bottled water business in the North American market. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Anil D'Silva)

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