Beam confirms Cockburn's deal

Published: 23 July, 2008

Jim Beam Global has announced that it has finalised the sale of all the Cockburn's Port production facilities and stocks to Symington Family Estates (see Harpers 9 June).

Symington will own all of the Cockburn's production assets, including stocks of maturing Port, vineyards, wineries, warehouses and bottling lines. In addition, Cockburn's employees will become part of the Symington organisation. The deal also includes the CR&F brandies portfolio.

Jim Beam Global - which gained control of Cockburn's when it purchased Allied Domecq with Pernod Ricard earlier this year - will retain ownership and control of the Cockburn's brand and will continue to manage brand strategy, marketing, sales and distribution.

Both parties welcomed the deal as mutually beneficial. Ian Gourlay, Beam Global's senior vice-president of operations and supply chain, said: 'It allows Symington to capitalise on the scope of its current operations and to grow its business by adding a new source of revenue.

'It also allows Beam Global to focus on caring for and growing one of the leading Port brands in the world.'

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