Cott leading S&P/TSX on news of possible sale of coffee, tea division
Investing.com
Published Jan 08, 2020 15:44
Brenda O’Farrell
Investing.com
Cott Corp (TSX:BCB) was the top performing stock on the S&P/TSX Composite Wednesday afternoon, gaining almost 4%.
The spike was the result of an announcement by the Toronto-based company that it is “evaluating certain strategic alternatives” for S&D Coffee and Tea. These alternatives include selling operating segment to allow Cott to transition into “a pure-play water solutions provider.”
S&D is the U.S. market leader in custom coffee roasting. It is also the largest blender of iced teas for food service and convenience stores in the U.S.
Cott has hired a financial adviser to assist in the strategic planning process as it explores alternatives for its coffee, tea and extract solutions operations “that would either complement its strategy of organic growth or otherwise enhance shareholder value.
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