January 31, 2020 / 12:26 PM / in 6 months

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

(Reuters) - Canada’s Cott Corp (BCB.TO) 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 (PRMW.O) 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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