RUSSIA: Russian Standard confirms CEDC takeover, eyes exports boost
Russian Standard has finally taken over CEDC
Russian Standard has promised to increase exports of Central European Distribution Corporation (CEDC) vodka brands after completing the takeover of its debt-laden former rival.
Russian Standard confirmed late yesterday (5 June) that it has taken sole control of CEDC, which filed for bankruptcy in April. The deal hands Russian Standard brands including Russia’s Green Mark and Parliament and Poland's Zubrówka and Absolwent.
“With this acquisition we have fully invested in CEDC’s brands, in their history and in the people who make them,” Russian Standard owner Roustam Tariko said. “We have greater potential as one company, with complementary brands, segments, import portfolios and export markets.”
Russian Standard said it plans to “significantly increase the export” of its new brands, capitalising on rising demand for “authentic spirits”.
The takeover is part of CEDC's restructuring plan put in to effect after debts incurred from the acquisition of Russian vodka brands in 2008 forced it into bankruptcy.
The company has also cancelled its shares on the Warsaw Stock Exchange and handed all outstanding stock to Tariko's Roust Trading, which owns Russian Standard.
CEDC said the move "marks the culmination of more than a year's worth of work to bolster its financial structure and create a long-term business alliance" with Russian Standard. The restructuring plan aims to cut CEDC's debt by US$665.2m.
A CEDC spokesperson told just-drinks it is no longer a listed company, but will continue to operate under its own name as a subsidiary of Russian Standard.
Russian investor Roustam Tariko, the owner of Russian Standard, gained full control of CEDC in April 2013. The new owner is expected to focus more on the Russian market. This, in turn, could mean less...
Russian Standard has signed up a "performance philosopher" made famous online to star in its new global ad campaign....
New Amsterdam Spirits has launched its first US nation-wide TV campaign for its namesake vodka brand. ...
- Coca-Cola pressure builds as bid rumours swirl
- Gin: Plymouth's from Plymouth, London's from...?
- Comment - Diageo Making the Best of a Bad Job?
- Comment - IPO Launch a Tonic for Fever-Tree
- How Modern Marketing Compounds My Twitter Shame
- NPD - Moët Hennessy’s Glenmorangie Dornoch
- Anheuser-Busch InBev cuts jobs in US shake-up
- Pernod blames rule changes for Plymouth GI drop
- William Grant unveils bespoke Glenfiddich website
- Diageo targets Millenial women with Baileys push
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research
- Early Signals: future scenarios that will drive consumption and product innovation over the next five years
- Global Beer Opportunities: Beyond Standard Lager
- The IWSR Global Trends Report 2014
- Global Cognac insights - market forecasts, product innovation and consumer trends research