SPAIN: Freixenet Purchases Yvon Mau
Spanish cava and still wine producer, Freixenet, has acquired Bordeaux based, Yvon Mau, for a sum reported to be around € 23.6m (US$20.9m) making it the world's tenth biggest wine company.
Yvon Mau had a sales turnover of € 84m in 2000 and sold more than 54% of its 3m cases in more than 60 countries.
The acquisition will be funded from company reserves, with 75% due now and the final 25% to be paid in July 2004
No redundancies are expected, although the company will look at possible synergies between the two operations. Jose Luis Bonet, Chairman of Freixenet, which has production volume close to 210m bottles per year and sales in excess of €510.8m, said that the medium term objective was to sell one million bottles of Freixenet in the French market.
Yvon Mau has been working as distributor for Freixenet for two years and will no doubt benefit from increased support to reach its objectives.
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