GlaxoSmithKline (GSK) is going to sell its soft drink brands Ribena and Lucozade. The decision may result in GBP1.5 billion or US$ 1.5 billion additional finances for the pharmaceutical company according to Reuters report.
On Wednesday, the plan was announced along with the results of the first quarter sales. Britain's biggest pharmaceutical company experienced a minor decline in sales compared to 2012's first quarter sales report.
Early this year, GSK conducted a strategic review on the two drink brands and majority of the analysts were more inclined on the idea of selling which will generate additional funding. It was also concluded that the sale can possibly attract interest from trade buyers or private companies.
Andrew Witty, Chief Executive of GSK, disclosed to reporters that the "tremendous growth potential of these iconic brands, particularly outside the 'core' Western markets, could be better leveraged by companies with existing category presence and infrastructure in these regions."
Join the Conversation