Celsius Holdings, Inc. (NASDAQ:CELH) shares are gaining on Tuesday.

The company disclosed its plans to expand into new international markets, growing the global sales and distribution footprint to include Australia and New Zealand. 

Celsius said in a press release that it has selected Suntory Oceania as its exclusive manufacturing, sales, and distribution partner in Australia and New Zealand.

“We expect to continue our international growth at a measured pace, targeting strategically important energy drink markets and employing our proven playbook to build a strong and passionate consumer base,” said John Fieldly, Celsius Holdings Chairman and CEO.  

Celsius had earlier revealed a sales and distribution partnership with Suntory Beverage & Food Great Britain and Ireland, with sales set to commence in the second quarter of 2024.

“We are excited to launch our strategic plan in Q4 2024 across the retail landscapes of Australia and New Zealand, and we look forward to accelerating growth in 2025,” said Tony Guilfoyle, Celsius Holdings, Chief Commercial Officer. 

In the recently reported fourth quarter, the company’s international revenue increased 68% to $14.6 million, driven in large part by new flavor launches, product availability, and increased velocity.

As of Dec. 31, 2023, Celsius had $756 million in cash and cash equivalents.

Price Action: CELH shares are trading higher by 1.55% to $93.04 on Tuesday.

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