PR sells Tia Maria for $178m

By Administrator |

Pernod Ricard has sold the Tia Maria coffee liqueur brand to Illva Saronno for E.125m ($178.5m) on a cash free/debt free basis with the transaction completed and monies paid simultaneously on July 27, 2009.

The liquor company says that the sale of Tia Maria, together with other disposals completed since the acquisition of Vin & Sprit in July 2008, enables Pernod Ricard to continue its debt reduction programme having achieved disposals totalling in excess of E.700m ($1bn).

As part of the transaction Chivas Brothers Limited has been appointed to produce Tia Maria for Illva Saronno and arrangements have been made for short term transitional distribution services to be provided by Pernod Ricard affiliates. Some longer term distribution agreements will also be entered into in certain markets and Pernod Ricard Argentina has been appointed to produce and distribute the brand in Argentina.


Heinemann anticipates another €1bn year at IST

Retail has boomed at Istanbul Airport (IST) and the momentum is set to continue this year, even...


MAN 'very sorry' after power spike cancels flights

Manchester Airport (MAN) Managing Director Chris Woodroofe has issued an apology to passengers...


Vantage rebrands as airports manager and investor looks to the future

Vantage Airport Group (Vantage) has announced a corporate rebrand to Vantage Group. The...

image description

In the Magazine

TRBusiness Magazine is free to access. Read the latest issue now.

E-mail this link to a friend