By GEORGINA BOND
Early expansion plans were on the agenda at spirits producer 42 Below's annual meeting yesterday.
The company said it was in advanced discussions with Australia's Carlton & United Beverages (part of the Foster's Group) to sell and distribute its vodka and gin brands in Australasia.
42 Below believes the proposal
will lower overheads in that key market, and allow further penetration.
Managing director Geoff Ross said Carlton & United had 400 sales representatives throughout Australia - 42 Below had just two.
Ross also announced improvements to the company's US sales and distribution structure after the appointment of Pearl Beverages as its exclusive importer in March. He said it was looking to buy its US direct sales organisation, Collinsville Securities.
Collinsville was set up by one of 42 Below's founding shareholders, Shane McKillen. Ross said Collinsville was a major factor in 42 Below being able to exceed prospectus revenue projections by more than 40 per cent for the year to September.
42 Below shares yesterday rose to their highest level, 52c, before closing at 51c, up 2 per cent.
