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03/11/2014
Jose Cuervo Buys Bushmills
Ireland's oldest registered distillery Bushmills has been sold to Casa Cuervo, the Mexican company behind Jose Cuervo tequila.
Multi-conglomerate drinks company Diageo, which owns Bushmills, has agreed with Casa Cuervo to acquire full global ownership and control of 'Tequila Don Julio', along with the early termination of Casa Cuervo's production and distribution agreement for Smirnoff in Mexico.
As part of the deal, Diageo will sell Bushmills to Jose Cuervo Overseas.
The deal is thought to be worth $408m to Diageo upon completion, which is expected in early 2015.
Juan Domingo Beckmann, CEO of Jose Cuervo, said: "This is a very exciting time for both Bushmills Irish Whiskey and Jose Cuervo. We see this acquisition as a fantastic opportunity to continue to nurture and grow the Bushmills Irish Whiskey brand globally, underpinned by the strong expertise and focus of Jose Cuervo as one of the world's leading drinks corporations.
"I am certain that this strategic decision will allow Jose Cuervo to continue growing in other categories and to continue developing our business around the world for another 250 years."
Colin O'Brien, Operations Director, Diageo said: "Bushmills Irish Whiskey is a brand built on great history, heritage and passionate people and has been a cherished part of the Diageo family for more than nine years.
"During this time we have invested over £80 million to build capacity, infrastructure and maturing inventory at the Distillery, which has supported the continued growth of the brand."
(IT/CD)
Multi-conglomerate drinks company Diageo, which owns Bushmills, has agreed with Casa Cuervo to acquire full global ownership and control of 'Tequila Don Julio', along with the early termination of Casa Cuervo's production and distribution agreement for Smirnoff in Mexico.
As part of the deal, Diageo will sell Bushmills to Jose Cuervo Overseas.
The deal is thought to be worth $408m to Diageo upon completion, which is expected in early 2015.
Juan Domingo Beckmann, CEO of Jose Cuervo, said: "This is a very exciting time for both Bushmills Irish Whiskey and Jose Cuervo. We see this acquisition as a fantastic opportunity to continue to nurture and grow the Bushmills Irish Whiskey brand globally, underpinned by the strong expertise and focus of Jose Cuervo as one of the world's leading drinks corporations.
"I am certain that this strategic decision will allow Jose Cuervo to continue growing in other categories and to continue developing our business around the world for another 250 years."
Colin O'Brien, Operations Director, Diageo said: "Bushmills Irish Whiskey is a brand built on great history, heritage and passionate people and has been a cherished part of the Diageo family for more than nine years.
"During this time we have invested over £80 million to build capacity, infrastructure and maturing inventory at the Distillery, which has supported the continued growth of the brand."
(IT/CD)
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