JAMAICA: Wray & Nephew not for sale, Diageo interested? - report
Jamaican rum producer Wray & Nephew will not be put up for sale, despite financial troubles currently affecting its owner, CL Financial, according to local reports.
Late last week, The Caribbean Business Report cited a senior executive at Trinidad-based CL Financial as saying that the company would not need to sell Wray & Nephew's parent company, Lascelles, de Mercado and Co.
The announcement follows a move by the Trinidadian government and central bank last month to take over the assets of CL Financial, which has suffered due to the economic downturn.
"At Lascelles it is business as usual and, despite all the rumours, it will not be sold to any foreign entity," CL Financial executive director Michael Carballo told the paper last week.
"We want to reassure stakeholders and employees that Appleton is important to us and is a very important piece of our portfolio. We fully intend on growing that business."
When contacted by just-drinks today (9 February), a spokesperson for Wray & Nephew, which also owns the Appleton Estate rum brand, confirmed the comments, but declined to comment further.
The newspaper also cited "reliable sources" as saying that Diageo is considering lining up a bid for Wray & Nephew. No-one at Diageo was immediately available for comment when contacted by just-drinks.
CL Financial, which also has interests in construction, real estate and financial services, acquired Lascelles, de Mercado and Co. last year through its Angostura division for around US$700m.
This month, Carolyn Panzer took up the position of corporate social responsibility director at Diageo, expanding her former remit as alcohol and responsibility director to cover all areas of Diageo's ...
The last few weeks has seen a large number of companies report their interim results, an opportunity to see whether the performance across a wide range of drinks companies from around the world suppor...
The top ten stories published on just-drinks this week:...
Kirin Holdings has raised its full-year net earnings guidance by 5%, despite an 82% slide in profits in the first half of 2009....
Campari has seen first half profits boosted by lower spend on advertising and promotion, following a drop in media rates in several key markets....
The Company of Wine People has dropped Ehrmanns as its distributor in the UK, in favour of Percy Fox & Co....
The US arm of Bacardi has released Seven Tiki, a spiced rum, in two states of the US....
Pernod Ricard has announced its newest global advertising campaign for Malibu, Radio Maliboom Boom, as part of its ongoing "Get Your Island On" promotion....
- Is Brown-Forman doing a Jack Daniel's in Ireland?
- Is Brown-Forman at the end of the SoCo road?
- Are we kidding ourselves over craft spirits?
- Will a sexed-up SABMiller tempt AB InBev?
- Is time right for TWE to move for Diageo's wines?
- Diageo, Treasury Wine Estates quiet on wine sale
- Diageo secures Xerox Corp CFO as finance head
- Tesco pulls several Carlsberg SKUs in UK
- Former Pernod Ricard exec joins Wakefield Wines
- Scotch whisky sees sales turn corner - SWA head
- The IWSR Duty Free/Travel Retail Summary Report 2015
- Future growth opportunities for global spirits
- Global gin insights - market data, product innovation and consumer trends research
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends research
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research