GlaxoSmithKline agreed to sell two soft drink brands to Suntory Beverage and Food of Japan.
September 9/London/New York Times -- The British pharmaceutical giant GlaxoSmithKline agreed to sell two soft drink brands to Suntory Beverage and Food of Japan for £1.35 billion, or $2.1 billion.
The sale of the brands, Lucozade and Ribena, is part of an overhaul of Glaxo’s European operations, as the company tries to spin off noncore products so that it can focus on its main pharmaceutical business. In April, Glaxo announced that it wanted to sell the two drink brands, which generate around £500 million in annual revenue.