US CEDC to pay $8 million for Polish firm
Bala Cynwyd, Pa.-based CEDC said it signed an agreement to buy all outstanding shares of PHS Sp. z o.o., in a deal that will be 80% cash and 20% shares of CEDC stock.
As a result of the transaction, CEDC raised its projections for the year’s net sales to $1.13 billion to $1.18 billion, up from $1.1 to $1.15 billion. It raised its profit target to $1.57 to $1.73 a share, up from earlier guidance of $1.56 to $1.72. It also raised its guidance for next year, estimating sales of $1.26 billion to $1.36 billion, up from $1.2 to $1.3 billion. Earnings are expected to be $2.03 to $2.13 a share, up from earlier guidance of $2 to $2.10 a share. Other acquisitions may follow, the company said.
CEDC is already the largest vodka producer in Poland, as well as Hungary. (philadelphia.bizjournals.com)
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