Pernod Ricard sells Paddy Whiskey to US drinks company Sazerac

PARIS - France's drinks giant Pernod Ricard said Tuesday it is selling Paddy Whiskey to American drinks company Sazerac as part of efforts to streamline its portfolio.
Pernod Ricard sells Paddy Whiskey to US drinks company Sazerac

It gave no price tag for Paddy, which is the world's number four Irish whiskey producer and owned by Pernod unit Irish Distillers. Pernod and Sazerac entered into exclusive negotiations on the sale earlier this month.

At the time, Irish Distillers chief executive Anna Malmhake said that the deal would allow "Irish whiskey's reputation and footprint" to grow globally. Pernod said proceeds from the Paddy sale would facilitate investment in other key Irish Distillers brands, including Jameson and Powers.

Irish Distillers will continue to produce Paddy Irish Whiskey in its Midleton distillery in Ireland, it said.

Pernod Ricard is the world's second-biggest spirits company after Diageo of Britain. Sazerac is a private, family-owned spirits company founded in 1850.

Source: AFP


 
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