Fevertree and Molson Coors to split cost of US tariffs
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FILE PHOTO: Fever Tree products on display inside a store in London, Britain, March 19, 2023. REUTERS/Henry Nicholls/ File Photo
(Reuters) -Tonic maker Fevertree Drinks said on Thursday it would equally split costs of the 10% tariff to be imposed on the UK imports to the U.S. with brewer Molson Coors, as part of their recent tie-up to mitigate the short-term impact.
Fevertree also said that Charles Gibb, its North America CEO, will step down and be succeeded by Judd Hausner, who brings extensive experience from the U.S. beer network.
The British company, known for its premium cocktail mixers, counts the United States as its largest market, where it continues to deliver strong momentum bolstered by its partnership with the U.S. beer maker Molson Coors.
In January, Molson Coors took a stake in Fevertree, securing exclusive rights to distribute and market the British company's cocktail mixers and tonic waters in the U.S.
Fevertree reiterated its annual revenue growth forecast.
(Reporting by Anandita Mehrotra in Bengaluru; Editing by Rashmi Aich)
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