Monday , March 27 2023

Diageo sells 19 brands to American manufacturer Sazerac ::


Diageo sells 19 brands to the American manufacturer Sazerac

Photo: Reuters

The British giant in the production of premium alcoholic beverages Diageo has sold a portfolio of 19 brands of the US company Sazerac for $ 550 million (£ 427 million).

The list includes three variants of the Seagram Whiskey brand, Romana Sambuca and non-existent Giant Booth, the BBC reported.

Diageo points out that sales will enable the company to focus on its premium brands in the United States.

Revenues from the transaction, which are expected to be about 340 million pounds, will be returned to stockholders in the form of redemption of stocks, the producer said.

In the past, Booth has enjoyed popularity in the UK, but its production was abolished in 2017. Currently, bourbon bottles from the 1960s and 1970s can be found at a price of up to 250 pounds.

Sazerac is one of the oldest family distilleries operating in the territory of 10 countries, including many other countries such as Great Britain, Ireland, France, India, Australia and Canada.

Diageo, whose portfolio includes brands such as Guinness, Smirnoff and Johnnie Walker, also says he has agreed to cooperate with a ten-year supply contract. UK CEO Ivan Menesse said: "Diageo has a clear strategy for achieving consistent, efficient growth and value creation for our shareholders."

The contract is expected to come from regulatory approval and is expected to be completed in early 2019.

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