USA: SABMiller announces the completion of McKenzie River transaction
SABMiller plc ("SABMiller") announced August 14 the completion of the acquisition of the Sparks and Steel Reserve brands from U.S. contract brewing partner McKenzie River Corporation ("McKenzie River"). Following approval from U.S. antitrust authorities, SABMiller assumes the ownership of the brands and related trademarks for the caffeinated malt beverage franchise Sparks and leading high gravity lager Steel Reserve.
SABMiller will continue to work with McKenzie River to develop new products. Tom Long, President and CEO of Miller Brewing Company, said: "We acquired these two fast growing brands to improve our portfolio mix and increase our overall profitability. Importantly the new product development relationship with McKenzie River president Minott Wessinger will further expand our innovation capability and expertise."
SABMiller plc is one of the world's largest brewers with brewing interests or distribution agreements in over 60 countries across five continents. The group's brands include premium international beers such as Miller Genuine Draft, Peroni Nastro Azzurro and Pilsner Urquell, as well as an exceptional range of market leading local brands. Outside the USA, SABMiller plc is also one of the largest bottlers of Coca-Cola products in the world.
In the year ended 31 March 2006, the group reported US$2,626 million adjusted pre-tax profit and a turnover of US$15,307 million. SABMiller plc is listed on the London and Johannesburg stock exchanges.
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