>Plano, TX. – October 10, 2007 – Cadbury Schweppes Americas Beverages will become an independent company following the completion of the proposed spin-off from Cadbury Schweppes plc announced earlier today. Ahead of the separation Gil Cassagne has decided to resign for personal reasons to pursue other interests.
Larry Young, who has been appointed president and CEO of Americas Beverages, said, “This is a very exciting day for Americas Beverages. We have a strong business and an established market position in the nonalcoholic beverages category. As an independent company, we are poised for continued success because of our preferred brands, our integrated business model and our heritage of innovation.
“I would also like to take this opportunity to express our thanks to Gil Cassagne, who has done an outstanding job leading the business and making it the success that it is today.”
Mr. Young most recently served as president and chief operating officer at Cadbury Schweppes Bottling Group, a division of Cadbury Schweppes Americas Beverages. He joined Cadbury in April 2006 through the company’s full acquisition of the Dr Pepper/Seven Up Bottling Group (DPSUBG), where he had been president and CEO since 2005. Since that time, he has played a central role in helping to create a new business model, with CSAB and the Bottling Group merging to become one integrated beverage company. Prior to joining the Bottling Group, Mr. Young served more than 25 years at Pepsi. In a career spanning more than 30 years and several continents, he has produced and sold virtually every type of beverage, from soft drinks and tea to milk, water, and juice.
Americas Beverages is a leading manufacturer and distributor of flavored carbonated beverages, including Dr Pepper, 7UP, A&W and Canada Dry. The company’s noncarbonated brands include Snapple, Mott’s and Hawaiian Punch.
In addition, Americas Beverages’ own fully-integrated bottling business enables it to control its distribution network and route-to-market. This business contributed around 30 percent of Americas Beverages’ revenues in 2006. The majority of the Bottling Group’s revenues come from the bottling and distribution of Americas Beverages’ own brands.
The business operates in the United States, Canada, Mexico and the Caribbean, with more than 80 percent of revenues coming from the United States.
“Americas Beverages’ record of success, coupled with the opportunity to focus on driving the business toward independence, makes it a very exciting time to be taking the helm of this great company,” Mr. Young said. “Together with the company’s leadership team, I look forward to writing the next great chapter in its history.”
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Based in Plano, Texas, CSAB is a fully integrated refreshment beverage business and a leader in flavored soft drinks, premium teas, juices and mixers. The company’s stable of products includes the #1 and/or #2 brands in numerous flavor categories, including pepper, root beer, orange soda, lemon-lime, tonic, ginger-ale, ready-to-drink tea and apple juice. With nearly $6 billion in sales and nearly 19,000 colleagues, CSAB is the largest operating division of Cadbury Schweppes plc (NYSE: CSG), a $13 billion global confectionery and beverage company headquartered in London. CSAB’s brand portfolio includes such consumer favorites as Dr Pepper, 7UP, Snapple, Mott’s Apple Juice, A&W Root Beer, Sunkist Soda, Canada Dry, Hawaiian Punch, Schweppes, Accelerade, RC Cola, Diet Rite, Penafiel, Squirt, Clamato, Mr & Mrs T Mixers, Holland House Mixers, Rose’s, Yoo-hoo, Orangina, IBC, Stewart’s, Mistic, Nantucket Nectars and other well-known brands.