FRANCE. Rémy Cointreau has sold Dutch liqueur and spirits brands including Bols to a former board member for €210 million (US$250 million).
Huub van Doorne, a member of Rémy’s Management Board until September 2004, is making an initial cash payment of €170 million, Rémy Cointreau said today. Van Doorne will manage the business.
The division, which also includes Bokma and Galliano brands, generated sales of about €65 million in the 2005-06 fiscal year, the company said.
Rémy expects to complete the transaction in April, subject to competition regulator approval.
“Our strategy has begun to bear fruit, and I am confident that our results will be fully in line with the aggressive goals we have set ourselves,” Rémy Chief Executive Officer Jean-Marie Laborde said in the statement.
Rémy said last year it would sell the Bols liqueur business purchased five years ago so it could focus on the most expensive Cognacs, liqueurs and Champagnes.
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