FRANCE. French Champagne and liquor company Rémy Cointreau said on Friday that it has sold Societe Martiniquaise de Canne a Sucre, which produces the popular but non-core rum brand, rhum Saint James.
This disposal follows other recent group divestments, including Rémy’s Dutch wine business in the Netherlands and wine-making operations in its Cognac heartland.
Overall, the company sold assets worth €65 million (US$73 million) in June and July, Rémy said. This will result in a capital gain of €25 million (US$28 million) in fiscal year 2003-2004, and will slightly enhance earnings, it said.
Remy also said that the refinancing of its debt in June, through a €500 million (US$562 million) syndicated loan and a €175 million (US$197 million) bond issue, will generate annual cost savings of more than €5 million US$5.6 million).
