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Cadbury Schweppes Plc (CBRY)

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Thursday 15 March, 2007

Cadbury Schweppes Plc

Cadbury Schweppes Separates

                                                                  15 March 2007

     Cadbury Schweppes Announces Separation of Confectionery and Beverages     

Cadbury Schweppes announces that it intends to separate its confectionery and
Americas Beverages businesses. The Board is evaluating the options for
separation to maximise shareowner value. Further information will be provided
at the time of the trading update on 19 June.

Sir John Sunderland, Chairman, said: "This decision is of great significance
for the Board and the Company. It has been facilitated by acquisitions and
disposals over the last decade designed to create a strong and potentially
independent Americas Beverages business. In the same time, we have built the
world's largest confectionery business. We believe now is the moment to
separate and give both management teams the focused opportunity to extract the
full potential inherent in these excellent businesses."

Todd Stitzer, Chief Executive Officer, said: "Separating these two great
businesses will enable two outstanding management teams to focus on generating
further revenue growth, increasing margin, and enhancing returns for their
respective shareowners."

Strategic Rationale

In 1997, we adopted our Managing for Value philosophy. Since then we have
consistently managed our portfolio of businesses to deliver superior shareowner
returns. We have substantially strengthened the position of both our
confectionery and beverages businesses through a series of acquisitions and
disposals, and through organic investment. We have acquired faster growing,
higher return businesses, and disposed of those which were slower growing or
less competitively advantaged.

In confectionery, the acquisitions of Hollywood, Dandy, Kent and Adams
transformed our confectionery business, giving us the broadest category
participation and geographic footprint in the global confectionery industry.
Since then, we have continued to strengthen the business through a significant
increase in investment and have grown our share to become the leader in global

In beverages, we have built critical mass and strengthened our route to market,
primarily through acquisition. At the same time we have sold those businesses
where we believed we could deliver value to our shareowners via a strategic
premium on disposal. Since 1999, we have sold our beverages businesses in over
180 markets. In 2006, we sold our beverages operations in Europe, Syria and
South Africa for £1.4 billion.

We have actively sought to significantly improve the performance of our
business in the Americas over the last three years, first through restructuring
and then by a focus on core brands. This culminated in 2006 when we secured and
strengthened our route to market through the acquisition of several of our
third party bottlers (including Dr Pepper/Seven Up Bottling Group).

The Board has continued to keep the position of the beverage business under
review. Over the last six months, we have successfully integrated the bottling
acquisitions and have seen the performance of the enlarged Americas Beverages
business strengthen as we have started to deliver the cost and revenue

In addition, we have conducted a rigorous benchmarking exercise on SG&A costs,
and commenced an intensive review of our global confectionery manufacturing
footprint. These initiatives have identified further significant opportunities
for increased margins and enhanced returns in the confectionery business.

Following our preliminary results announcement on 20 February, and in line with
our usual practice, we met with most of our major shareowners representing
around 40% of our shares. These shareowners were positive about our
transformation of the company, supportive of our plans for enhanced growth and
returns and interested in our views on separation.

A Focused Global Confectionery Business

We are the largest confectionery business in the world with a 10% global market
share. This leadership position is built on a broad geographic spread,
substantial participation in all the confectionery categories (chocolate, gum
and candy) and a strong portfolio of brands (including Cadbury, Trident, Halls
and Dentyne). We are number one or number two in nearly half of the world's top
50 confectionery markets. With around one third of our confectionery revenues
generated in emerging markets, we have the largest and most broadly-based
emerging markets presence.

Our confectionery revenues over the last three years have grown at over 5% pa
compared to an average of 3% pa in the previous three years. This acceleration
in revenue growth has been driven by a shift toward higher growth categories
and markets, increased innovation and higher growth investment. In the last
three years we have:

  * Revitalised our core Cadbury Dairy Milk brand and expanded our premium
    chocolate offers through both the Cadbury and Green and Black's brands;
  * Increased our gum revenues by over 10% pa; gained share in the key markets
    of the US, France, Spain, Japan and Thailand; and launched gum through
    existing routes to market in the UK and Malaysia;
  * Grown Halls in emerging markets and launched in new markets through our
    existing distribution systems; and
  * Grown our emerging markets business by over 10% pa.
We have been examining options to enhance the performance of our confectionery
business, including a detailed review of costs and external benchmarking. At
the Consumer Analysts' Group of New York (CAGNY) conference in February, we
highlighted a number of levers to significantly improve margins and returns,

  * Improving the margin performance in emerging markets;
  * Reconfiguring our supply chain; and
  * Reducing SG&A costs.
These initiatives will require incremental investment, and we believe that the
returns for our shareowners will be maximised through a focused stand-alone
confectionery business.

A Focused Americas Beverages Business

Our Americas Beverages business has a strong portfolio of non-cola carbonated
soft drinks (including Dr Pepper, 7 UP, Sunkist and A&W) and non-carbonated
soft drinks (including Snapple, Mott's, Hawaiian Punch and Clamato).

The business has been significantly strengthened in recent years through
restructuring and focus on our core brands. Over the last three years we have:

  * Revitalised our CSD business in the US;
  * Grown our share of the CSD market by nearly 150 basis points; and
  * Improved the performance of our non-CSD portfolio.
The acquisition of key independent bottlers (including Dr Pepper/Seven Up
Bottling Group) in 2006, gave us control of the manufacture and distribution of
over 40% of our volumes. The integration is proceeding to plan and we are
beginning to see material benefits from our stronger distribution platform:
broader distribution for our brands; greater focus on faster growing and more
profitable channels; and improvement in our cost competitiveness.

Looking forward, significant further value will be delivered from Americas
Beverages as the business:

  * Capitalises on its strong brand equities;
  * Derives further benefits from innovation in both CSDs and non CSDs, such as
    7 UP Natural, super-premium Snapple teas, and entry into the high-growth
    sports drink market through the forthcoming launch of Accelerade; and
  * Delivers ongoing cost and revenue synergies from the bottling acquisitions.
The Board believes Americas Beverages now has the appropriate platform to
exploit the benefits of focus as a stand-alone business. Therefore, it is the
right time to pursue a separation of Americas Beverages and we are evaluating
the options to achieve this.

Further Update

At the time of our trading update on 19 June, we will provide more detail on
our confectionery business plans and the mechanism for separating Americas


For further information:                                                   
Cadbury Schweppes plc              + 44 20 7409 1313                       
Capital Market Enquiries           +44 20 7830 5124                        
Sally Jones                                                                
Mary Jackets                                                               
Charles King                                                               
Media Enquiries                                                            
Cadbury Schweppes                  +44 20 7830 5011                        
Andraea Dawson-Shepherd                                                    
Katie Bolton                                                               
The Maitland Consultancy           + 44 20 7379 5151                       
Angus Maitland                                                             
Philip Gawith                                                              
Abernathy MacGregor                +1 212 371 5999                         
Winnie Lerner                                                              

Forward Looking Statements

Except for historical information and discussions contained herein, statements
contained in these materials may constitute "forward looking statements" within
the meaning of Section 27A of the US Securities Act of 1933, as amended, and
Section 21E of the US Securities Exchange Act of 1934, as amended. Forward
looking statements are generally identifiable by the use of the words "may",
"will", "should", "plan", "expect", "anticipate", "estimate", "believe",
"intend", "project", "goal" or "target" or the negative of these words or other
variations on these words or comparable terminology. Forward looking statements
involve a number of known and unknown risks, uncertainties and other factors
that could cause our or our industry's actual results, levels of activity,
performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by such
forward looking statements. In evaluating forward looking statements, you
should consider various factors including the risk factors outlined in our Form
20-F filed with the US Securities and Exchange Commission. These materials
should be viewed in conjunction with our periodic interim and annual reports,
registration statements and other filings filed with or furnished to the
Securities and Exchange Commission, copies of which are available from Cadbury
Schweppes plc, 25 Berkeley Square, London W1J 6HB, UK and from the Securities
and Exchange Commission's website at Cadbury Schweppes plc does
not undertake publicly to update or revise any forward looking statement that
may be made in these materials, whether as a result of new information, future
events or otherwise.

Notes to editors:

1. About Americas Beverages

Americas Beverages sells carbonated (CSDs) and non-carbonated (non CSDs) drinks
in the US, Canada and Mexico. In carbonates, it has leading brands in the
flavours (non-cola) category, including Dr Pepper, 7 UP, A&W, Sunkist,
Peñafiel, Schweppes and Canada Dry. Its non-carbonate brands include still
fruit juices, iced teas and water, with Snapple, Mott's, Hawaiian Punch and
Clamato being the four largest brands. It also distributes brands owned by
third-parties, such as Monster energy drink, Glaceau vitamin water and Fiji
mineral water. Americas Beverages employs around 18,000 people.

In the year to 31 December 2006, Americas Beverages contributed the following
amounts to Group results:

(£m except where stated)                        2006
Revenue                                        2,566
Underlying EBITDA                                667
Underlying profit from operations                584
Profit from operations                           562
Underlying operating margin                    22.8%
Operating margin                               21.9%
Gross assets                                   3,902
Net assets                                     2,720

Revenue, underlying profit from operations and profit from operations include a
contribution from the Cadbury Schweppes Bottling Group (CSBG) businesses from
their respective acquisition dates.

2006 pro-forma revenues and underlying profit from operations for Americas
Beverages (including an estimated full year contribution from CSBG) were £3
billion and £600 million respectively.