Pernod Ricard sells Tia Maria brand

The sale of Tia Maria together with other disposals necessitated by the EUR 5 billion-acquisition of Sweden’s Vin & Sprit (Absolut) in July 2008 enable Pernod Ricard to continue its debt reduction programme.

In April, Pernod Ricard announced the sale of the whiskey brand Wild Turkey and other brands to Campari. The USD 575 million transaction was completed at the end of June and included a liqueur brand, American Honey, a distillery in Kentucky and some bourbon stocks.

In its trading update for the full year ended 30 June 2009, Pernod Ricard confirmed that organic growth in profit from recurring operations would be at the lower end of its guidance range of 3 percent to 5 percent.

It reiterated that growth in net profit from recurring operations would be slightly in excess of 10 percent, due to the significant contribution of Absolut and to an average cost of debt maintained below 5 percent.

However, Pernod Ricard refrained from repeating its forecast of earnings in excess of EUR 1.0 billion.

Pernod Ricard will release its 2008/2009 financial results on Thursday, 3 September 2009.