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Coca-Cola to acquire Lithuanian mineral water producer

Xinhua, December 22, 2015 Adjust font size:

International beverage company Coca-Cola HBC Lithuania is to buy Lithuanian mineral water enterprise Neptuno Vandenys, the latter company announced on Tuesday.

The two companies have not disclosed the transaction value because negotiations on the details are still ongoing. The deal is scheduled to be finished at the end of the first quarter, 2016, should it be approved by the local competition council.

"It was a fairly logical decision after discussing and agreeing on terms which were earlier presented by Coca-Cola," Gintas Petrus, chairman and owner of Neptuno Vandenys, was quoted as saying by local website vz.lt.

Petrus said he started the mineral water business in 1999 and now was the right time to enter into a deal with the beverage giant.

"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," Petrus explained.

At this point, a business organization like Coca-Cola HBC Lithuania has more opportunities to strengthen the Neptunas brand further on, he added.

"We appreciate achievements made by Neptunas in the Lithuanian market and we are proud to add this powerful brand to our portfolio," Valdas Pakstys, Coca-Cola HBC manager for the Baltic region told vz.lt.

The company, based in the country's southern district of Varena, produced 29 million liters of natural mineral water in 2014, and makes up 20 percent of Lithuania's water market. In 2013 and 2014, Neptuno Vandenys expanded and modernized the company's manufacturing capacities.

Currently, Neptunas and Neptunas Unique are included in the official natural mineral waters list recognized in Europe, according to the company's website. Endit