Pernod Ricard sells Tia Maria
Pernod Ricard has continued its debt reduction program by offloading its Tia Maria liqueur brand to Saronno for €125m (£107m).
The French drinks maker, which still owns brands including Chivas Regal, Jacob’s Creek and Jameson Irish Whiskey, says it now raised €700m (£604m) from disposals as it seeks to claw back the debt taken on when it bought Absolut vodka maker Vin & Spirit last year.
In April, the company sold bourbon brand Wild Turkey to Italy’s Campari for $575 (£496m) million at the same time as announcing its intention to raise €1bn (£863m) in equity capital through a share sale.
Pernod Ricard says that it will continue to distribute the brand, through affiliates, in the short-term before longer-term distribution deals can be made.
Italian drinks maker Saronno also owns the Disaronno and Arctic vodka brands.
Earlier this year, Pernod Ricard appointed Martin Riley as its top global marketer. Riley took over from Jean-Paul Richard as vice-president of marketing.
