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Pernod reduces debt with Tia Maria sale
Pernod Ricard has sold Tia Maria as part of its stated aim to raise €1bn within a year through disposals following last year’s takeover of Vin & Sprit, which brought Absolut vodka into its portfolio.
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Illva Saronna, owner of Disaronno, has bought the coffee liqueur brand for €125 million.
The transaction was signed and the cash consideration paid simultaneously on July 27.
The sale of Tia Maria together with other disposals completed since the acquisition of Vin & Sprit in July 2008 means Pernod Ricard has now achieved disposals totalling in excess of €700 million, or 70% of its debt reduction target.
Chivas Brothers will produce Tia Maria for Illva Saronno.
Tia Maria is the second-largest coffee liqueur brand, but Pernod still owns the market leader, Kahlua.
Family-owned Illva Saronno owns Artic vodka, wine brands Vini Corvo and Cantine Florio, as well as Disaronno Originale liqueur.
Patrick Schmitt, 29.07.09
