GLOBAL: “Business as usual” at Maxxium, despite V&S sale
The company, jointly controlled by Vin & Sprit, Beam Global Spirits & Wine, Rémy Cointreau and The Edrington Group, said yesterday (1 April) that it is "proud to have supported the success of V&S … to its current market value".
"Maxxium is committed to building the portfolio of brands of Beam Global Spirits & Wines, The Edrington Group, Rémy Cointreau and V&S," said company CEO, Ben van Doesburgh. "Together with our shareholders, we will define the future beyond the eventual V&S exit to ensure Maxxium remains a superior builder of premium spirits and wines brands in the markets in which we operate.
"The reality is that until the sale process of V&S to Pernod Ricard is finalised, and approved by the relevant regulatory authorities, nothing will change; therefore, it remains business as usual for Maxxium."
In announcing its plans to buy V&S, Pernod said this week that it plans to pull V&S out of Maxxium within two years "for a low contractual cost".
Regarding V&S' exit, van Doesburgh said: "It is our intention to work with them (Pernod) to ensure a smooth transition for all our customers."
Rémy Cointreau is also set to leave the alliance, in March next year. The French company has had to pay US$240m to exit Maxxium.
"Where there is a contract, you have to abide by it," said Pernod's managing director, Pierre Pringuet, on Monday (31 March). "The cost (to exit Maxxium) is not very high - a small number of tens of millions. It's a marginal cost, it's not the same size as Remy's exit costs."
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