Cadbury Schweppes PLC said it intends to sell its European beverages arm, which makes brands such as Schweppes tonic water, Oasis and Orangina, to focus on other higher growth areas of its business and pay down some of its 4.3 billion pound ($7.9 billion) debt.
“Europe Beverages has a great portfolio of brands, a talented management team and strong routes to market... However, the potential for growth and value creation is greater in the group's other operations,” chief executive Todd Stitzer said in a statement.