Cott (COT) Announces the Phase-Out of Its Exclusive Supply Agreement With Wal-Mart in US
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Cott Corporation (NYSE: COT) announces the phase-out of its exclusive supply agreement with Wal-Mart in the United States.
Cott Corporation announced that, in connection with ongoing conversations with Wal-Mart Stores Inc. about future business development and the nature of the business relationship, it has been advised by Wal-Mart of their decision to terminate, without cause, the existing, ten-year-old, exclusive supply agreement with Cott. This does not terminate Cott's relationship as a supplier to Wal-Mart. While conversations with Wal-Mart are ongoing, and the impact on Cott's business is unclear at this time, the effect of this action is to phase out the exclusive nature of the relationship with Cott as the supplier of retailer brand carbonated soft drinks in the United States. The termination is effective on the third anniversary of notification in late January 2012.
Cott continues to supply Wal-Mart's requirements. This action allows Wal-Mart the opportunity, if they so choose, to move as much as one third of their requirements in the first year following notification and two thirds of their requirements in the second year. Wal-Mart and Cott continue to discuss a redefinition of their ongoing business relationship.
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