Beam Suntory has confirmed the sale of its entire Spanish operation which consists of Sherry brands Harveys and Terry and the brandies Fundador, Centenario and Tres Cepas. The deal includes the brands and the production facilities in Jerez and Tomelloso. The purchaser is Emperador, a spirits company based in the Philippines and the purchase price is €275 million.
|A Harveys bodega (foto:coboscatering)|
While it is not a surprise that a spirits company is off-loading a wine company, it is a surprise that another spirits company is buying it. As brandy specialists the obvious attraction to Emperador was the brandy, but we will see how long they keep the Sherry, in this corporate age firms buy what they really want and soon get rid of any inconveniences.