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Primo Water Corporation has completed the sale of a "significant portion" of Primo Water's International businesses. As reported by FoodBev in November, Primo Water entered into a definitive agreement with Culligan International to sell its international businesses in an all-cash transaction for $575 million. The transaction excludes the businesses of Aimia Foods in the UK, Portugal and Israel. However, each of these will be sold across 2024. Primo Water will have a greater focus on its North American water business, where it is one of the leading players on a national and local scale. The deal also aims to improve the company's financial profile, allowing it to achieve several previously announced 2024 targets, including improvements in adjusted gross margins and adjusted EBITDA margins, as well as adjusted free cash flow conversion. In addition, the sale will provide financial flexibility for pursuing organic growth, reducing leverage by repaying the cash flow revolver, returning capital through share repurchases and dividends, accelerating accretive tuck-in acquisitions and exploring opportunities complementary to its core North American water business. The business mix will be diversified across key water channels, including Water Dispensers, Water Direct, Water Exchange, Water Refill and Water Filtration, with a balanced distribution of residential and commercial customers. David Hass, chief financial officer, Primo Water, said: "The completion of this transformative transaction simplifies and focuses Primo Water on our core pure-play North American water business. Our greater focus also comes with the enhanced financial flexibility to pursue organic growth, reduce leverage, return capital via share repurchases and dividends, accelerate accretive tuck-in acquisitions and engage in opportunities complementary and adjacent to our core North American water business." "I am pleased to confirm that as part of our renewed commitment to lower net adjusted leverage and to return capital to shareowners, we will repay the outstanding balance on our cash flow revolver and the board of directors increased our $50 million share repurchase authorisation to a total of $75 million."