Primo Brands grows Mountain Valley capacity, executes board leadership changes
Primo Brands Corp. broke ground on a new factory in Hot Springs, Ark., to support demand for its bottled water brand The Mountain Valley and announced it is expanding its share repurchase program.
The site in Garland County is the first new factory for Primo Brands following its merger with BlueTriton in November 2024 and significantly expands its Mountain Valley production capacity, the company said. The 200,000-ft2 facility will provide logistics and warehouse space as well as one small-format and two large-format production lines.
Primo Brands expects the factory to be fully operational by spring 2026. The project extends Mountain Valley’s presence in Arkansas, where the brand has long bottled its spring and sparkling water sourced from the Ouachita Mountains.
Alongside the plant investment, Primo Brands announced a leadership change for its board of directors. Eric Foss was named chair of the board of directors and CEO of the company, effective immediately, following Robbert Rietbroek's departure from those roles.
“Robbert’s leadership was foundational in orchestrating the first year as Primo Brands and establishing it as a leader in the North American branded beverage space with a focus on healthy hydration. We wish him continued success,” said Dean Metropoulos, director and former non-executive chairman of the board, in a release announcing the change.
Metropoulos expressed strong support for Foss as he assumes the roles of chairman and CEO of Primo Brands. “He knows the company well, having served on our board (and the board of Primo Water). With his extensive experience as chairman and CEO of global branded beverage and direct store distribution businesses, Eric is highly qualified to lead Primo Brands’ future growth and value creation,” Metropoulos said.
In addition, the board of directors has authorized a $50 million increase to the company’s existing share repurchase program, bringing the total authorization to $300 million. Under the program, the company has previously repurchased approximately 4.4 million shares of its Class A common stock for about $97.7 million. With the increased authorization, Primo Brands has roughly $202.3 million in remaining capacity under the plan.
The company said it may repurchase shares at management’s discretion through open-market purchases, block trades, accelerated or other structured share repurchase programs, privately negotiated transactions or Rule 10b5-1 trading plans.