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Pernod Ricard sells off Swedish brands

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Pernod Ricard sells off Swedish brands
14:25 CET+01:00
French drinks firm Pernod Ricard has announced its intention to sell off Explorer vodka and a slew of other Swedish and Danish labels to Finnish state-owned wine and spirit service company Altia.

The firm expects to generate 835 million kronor ($115 million) in the deal which is subject to the approval of the competition authorities.

A logistics depot in Årsta is also included in the deal, as well as Lord Calvert whiskey, 1 Enkelt bitter and Chill Out. Furthermore, the firm plans to dispose of a production and bottling plant in Svendborg, Denmark as well as Danish logistics centre in Odense.

The assets now up for sale by Pernod Ricard were acquired in connection with the purchase of Vin & Sprit in 2008, a deal which included the brand Absolut Vodka.

Pernod Ricard Sweden's CEO Isabelle Ducellier comments that she has mixed feelings over the sale of some of the brands.

"The deal is correct on business lines. This transaction will assist Pernod Ricard Sweden's increased focus on our strategic brands, not least Absolut Vodka," she said.

The deal will increase Altia's net turnover by €85 million ($115 million) and expand their workforce by 280 staff.

Altia is owned by the Finnish state, owns established brands such as Koskenkorva and Grönstedt and had a turnover last year of €407 and employed 950 staff.

"The acquisition is a natural step in our strategy to strengthen our presence in our home markets of the Nordic and Baltic countries," Altia's CEO Antti Pakakoski in a company statement.

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