The merger of Gerber Emig and Refresco to form soft drinks giant Refresco Gerber has been finalised.
The deal creates a company with a combined turnover of £2.3bn. It comes after the European Competition Commission gave the green light to the merger last month, on the condition that Gerber Emig sold off a factory in Waibstadt, Germany.
“I am proud to lead forward this strong and focused organisation. And I am excited about building on our combined capabilities to create a broader business, which promises many opportunities for our customers and employees alike,” said CEO Hans Roelofs, who was previously CEO of Refresco.
Under the terms of the merger, Gerber Emig shareholders will own 27.5% of the new group and Refresco shareholders the remaining 72.5%.
With a business spanning juice, carbonates and water, Refresco was the larger of the two companies. It had a turnover of €1.5bn, while Gerber, whose business was more focused on juice, had sales of €801m.
The two companies had been considering a deal for eight or nine years but only recently decided to go ahead with a merger.
Gerber was advised by Rothschild and Refresco by ABN Amro.