Pernod Ricard Offloads Tia Maria

France-based drinks giant Pernod Ricard has announced the sale of its Tia Maria coffee liqueur to Italy-based Illva Saronno for EUR125mn. The sale is part of Pernod Ricard's debt reduction programme, with the firm having generated EUR700mn from disposals since the EUR5.7bn acquisition of Vin & Spirit in July 2008. As part of the deal Pernod Ricard will continue to produce Tia Maria through its Chivas Brothers subsidiary, while the drinks giant will also provide short-term transitional distribution and longer-term distribution in some

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