INTERNATIONAL. Brown-Forman Corporation has completed the sale of Finlandia Vodka to Coca-Cola Hellenic Bottling Company (HBC).
Brown-Forman has reached an agreement to sell the brand for US$220 million subject to adjustments related to inventory and other working capital items.
According to Brown-Forman, the sale of Finlandia Vodka is another step to drive its ambitions to premiumise its portfolio.
As reported, Finlandia was established in 1970 and is a leading vodka brand in Central and Eastern Europe with annual volumes of 2.7 million 9-litre cases globally, of which more than 60% is being generated within Coca-Cola HBC’s geographic footprint.
Finlandia is bottled by Anora Group in Finland based on a long-term production services agreement and is available in pure and in several flavoured versions.
Coca-Cola HBC CEO Zoran Bogdanovic said: “Having been associated with the distribution of Finlandia for 17 years in several markets, we are excited by this unique and regionally relevant opportunity that will support the acceleration of our on-premise business across more of our markets.”
Brown-Forman CEO Lawson Whiting added: “We believe Coca-Cola HBC is well-suited to support Finlandia’s future stages of development. I am confident that Coca-Cola HBC’s growth ambitions and capabilities in premium spirits, its critical mass and executional excellence, coupled with its leading sales and distribution credentials in the markets where it operates, will accelerate Finlandia’s growth trajectory.” ✈
