Bulgarian water bottler Devin signs distribution deal with South Korean co
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Bulgarian water bottling company Devin said on Friday it has signed a distribution agreement with South Korea’s Encyiks and Human Co.
“Under the agreement, Devin will provide natural mineral, sparkling and spring water, which will be distributed in South Korea,” the company told SeeNews in an e-mailed statement.
Encyiks and Human Co. plans to expand its operations in the future and might offer Devin bottled water in other Asian countries, according to the statement.
The duration of the distribution deal is three years, with the option to be extended with interest from both sides.
In March 2017, Belgian mineral water producer Spadel acquired a 93.29% stake in Devin from Advent International for around 120 million euro ($146.9 million).
Founded in 1992, Devin bottles and sells a wide range of products including mineral water, spring water and table water. Together with its national network of distribution partners, the company delivers its products to more than 35,000 retail outlets across Bulgaria.
South Korea will host the 2018 Winter Olympics from 9 to 25 February in Pyeongchang county.
Questions & Answers
Q.What types of water will Devin supply to South Korea under the new agreement?
What types of water will Devin supply to South Korea under the new agreement?
Devin will provide natural mineral, sparkling, and spring water to be distributed in South Korea. This range of products is typical of what the company bottles and sells.
Q.How long is the initial distribution agreement between Devin and Encyiks and Human Co.?
How long is the initial distribution agreement between Devin and Encyiks and Human Co.?
The distribution deal is set for three years initially. There is an option to extend the agreement if both Devin and Encyiks and Human Co. Are interested in continuing the partnership.
Q.Who currently owns the majority stake in Devin?
Who currently owns the majority stake in Devin?
Belgian mineral water producer Spadel acquired a 93.29% stake in Devin in March 2017. They bought the stake from Advent International for approximately 120 million euro.
Q.Could Devin water be sold in other countries apart from South Korea?
Could Devin water be sold in other countries apart from South Korea?
Yes, Encyiks and Human Co. Plans to expand its operations in the future. The company might offer Devin bottled water in other Asian countries beyond South Korea.
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