Oporto, Portugal (7th October, 2010) – Beam Global Spirits & Wine, Inc., the premium spirits business of Fortune Brands (NYSE: FO), today announced plans to divest the Cockburn’s Port brand to Symington Family Estates, the leading producer of premium quality ports.
October 07, 2010
This transaction builds on the long-standing business relationship between Beam Global and the Symington family. Most recently, the Symington group, which currently produces all Cockburn’s Ports, acquired the Cockburn’s vineyards and wineries in 2006 and signed a production agreement with Beam Global, who retained ownership and world-wide distribution for the brand.
Following the transaction, the Symington family intends to apply their skill and expertise in the production of Port, which dates back for generations, to the further development and growth of Cockburn’s around the world.
“This is a ‘win-win’ for both our companies and a logical next step for the brand,” said Senior Vice President and Managing Director Beam Global International Donard Gaynor. “Symington has been a great producer of Cockburn’s for years, and this transaction allows both of our companies to focus our dedicated resources and efforts on driving continued, accelerated growth of our core categories of excellence.”
“Cockburn’s is one of the greatest names in Port with a unique history in the Douro valley,” said Symington Family Estates Joint Managing Director Paul Symington. “We look forward to applying the centuries of experience that our family has in Port to this magnificent brand.”
Beam Global will continue to distribute Cockburn’s Port in select markets. Subject to UK merger control approval, the transaction is expected to officially close by the end of 2010.