The company controls 20% of Lithuania's mineral water market. © Neptuno Vandenys
Coca-Cola HBC Lithuania has agreed to acquire Lithuanian mineral water producer Neptuno Vandenys, according to reports in Chinese media.
The transaction value of the acquisition has not been disclosed as negotiations are continuing, but the deal is expected to finalise in the first quarter of next year, Xinhua News Agency reported.
Neptuno Vandenys chairman and owner Gintas Petrus was quoted by local website vz.lt as saying: “It was a fairly logical decision after discussing and agreeing on terms which were earlier presented by Coca-Cola.
“The business has been growing for a long time and achieved the point at which one individual entrepreneur or investor can’t manage further growth on his own.”
“We appreciate achievements made by Neptunas in the Lithuanian market and we are proud to add this powerful brand to our portfolio,” added Coca-Cola HBC manager for the Baltics, Valdas Pakstys.
The company, based in southern Lithuania, produced 29m litres of natural mineral water in 2014 and makes up one fifth of Lithuania’s water market. In 2013 and 2014, Neptuno Vandenys expanded and modernised the company’s manufacturing capacities.
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