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Brown-Forman completes $220m Finlandia sale
US firm Brown-Forman has completed the sale of Finlandia vodka to Coca-Cola today (1 November).
In June this year, Brown-Forman revealed it had reached an agreement to sell the vodka brand for $220 million to Coca-Cola’s bottling arm, subject to adjustments related to inventory and other working capital items.
Brown-Forman said that the sale of Finlandia vodka is part of its long-term strategic ambition to premiumise its portfolio through brand innovation, acquisition and divestiture.
Brown-Forman has owned the brand for nearly 20 years.
The drinks firm saw organic sales grow by 2% in the first quarter of fiscal 2024, driven by El Jimador Tequila and ready-to-drink (RTD) brand New Mix.
Coca-Cola Hellenic Bottling Company (HBC) has distributed Finlandia for more than 17 years.
The vodka brand will now join Coca-Cola HBC’s premium spirits portfolio, which comprises Rézangyal pálinka and Zlatni Pelin bitter liqueur.
Finlandia is distilled and bottled by Nordic spirits group Anora under a long-term production services agreement that is due to run until 2035.
Finnish alcohol producer Altia sold the vodka brand to Kentucky-headquartered Brown-Forman in 2004. Altia merged with Norwegian alcohol wholesaler Arcus in 2021 to form Anora Group.