Disposals follow Pernods acquisition of Absolut

Disposals follow Pernod's acquisition of Absolut

Pernod Ricard has moved a step closer to its EUR1bn (US$1.36bn) asset disposals target by agreeing to sell several assets in Sweden and Denmark, including drinks brands, to Altia.

Pernod said today (15 February) that it will sell the assets for a combined EUR82m (US$112m) in cash.

They include local wine and spirits brands, such as Explorer vodka, Lord Calvert whisky, 1 Enkelt bitter,  Blossa glögg and Chill Out wines. A bottling facility located in Svendborg, Denmark, and two logistic centres located in Odense, Denmark and Årsta, Sweden, are also part of the sale.

Pernod has agreed long-term production, bottling and logistic services agreements with Altia, it added.

"This transaction brings Pernod Ricard closer to the achievement of its €1bn disposal plan," said the France-based group, owner of Absolut vodka.

Pernod has reached EUR0.8bn in disposals under the plan, which was announced 18 months ago after the group bought Absolut owner Vin & Sprit for EUR5.3bn.

Swedish newspapers flagged up a possible deal with Altia in September 2009.

Altia said today that the deal will make it the leading player in the Nordic alcoholic beverage business.

"The acquired brands have a strong heritage and market position and thus this acquisition is a natural next step in our strategy aiming at expanding our market presence in our home market, the Nordic countries and the Baltic region," said Altia CEO Antti Pankakoski.