CANADA: Corby Distilleries completes brands sale to Sazerac Co
Corby Distilleries has completed the sale of a raft of non-core spirits brands and a production facility to US-based Sazerac Co.
The two companies agreed an initial sale price of US$32.9m, but the final deal will be worth $39.4m if the value of existing inventory is included, Corby said yesterday (1 November). The sale covers 17 brands, including De Kuyper Geneva gin, De Kuyper Peachtree schnapps, Red Tassel vodka and Silk Tassel Canadian whisky, as well as a production facility in Montreal.
The deal enhances Sazerac's position in Canada and slimlines Corby's portfolio as it seeks to focus on higher-margin brands.
Corby Distilleries has reported a strong rise in half-year profits due to gains from its sale of non-core spirits to Sazerac Co....
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