KEAN soft drinks to be sold after 74 years

Storied Cypriot soft drinks company KEAN on Tuesday released a statement notifying the public that its board has reached an agreement in principle to sell the company’s shares to BBF, marking a change in ownership after 74 years of operation.

“The purchase of KEAN is a mark of its dynamic presence in the present and assures its dynamic course in the future,” the announcement said.

“A course, which will be based on the company’s values, which are its moral compass in the way it operates and how it supports Cypriot society, and which have been contributing to its long-term course, until this very day,” it added.

The Cypriot soft drinks company was founded in 1949 by chemistry graduate Takis Christodoulou, when it was called the Cyprus Soft Drinks Company to make drinks, perfumes and cosmetics. In 1951 it rebranded as KEAN.

The first drinks to be produced were the squashes (orange, lemon, almond and sour cherry) with a high sugar content, and were soon in high demand.

After changing location twice within Limassol, construction of the KEAN factory started in 1951, and was completed in 1956 to become a landmark on the Limassol seafront until today. Two gigantic mosaic bottles that stand guard at the gate are still there today, the Art Deco front of the factory defining the architecture of when it was built.

In 1959 the KEAN factory started bottling Pepsi Cola.

After the invasion, most of the fruit plantations were lost but Christodoulou found new export opportunities in the Near and Far East.

In 1981 KEAN switched to packing juice in Tetra Pak cartons, the first company in Cyprus to do so.

The agreement will ensure all staff agreements and benefits will continue, as will everyone’s employment under the new ownership.

It is subject to a due diligence review, a process that is expected to last three months.

“The commitment of all of us at KEAN, owners, managers and staff is to continue our timeless mission,” the company said, adding its mission is “to continue to support our country, with dedication and love, as always”.

BBF has a diverse portfolio of investments, primarily in the real estate sector. The company, which was founded in 2007, owns 136 properties in Cyprus, Greece, Canada and Portugal.