Cott looks to sell coffee and tea arm for $405 million

Canada’s Cott Corp 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 told Reuters it would buy U.S.-based Primo Water Corp for $549.4 million, bolstering its bottled water business in the North American market.
(Reuters)