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Leading alcoholic drinks company Constellation Brands has announced it has agreed to sell its Svedka vodka brand to peer Sazerac, with the deal expected to be completed in the next few months.
Commenting on the move, Constellation Brands said its aim was to prioritise growing market sectors, with a focus on premium wine and craft spirits.
“The actions we have taken over the past several years to reshape our wine and spirits portfolio support our efforts to accelerate the performance of that business”, said Bill Newlands, president and chief executive officer, Constellation Brands. “This transaction is another step forward in seeking to ensure that our wine and spirits portfolio is optimized to succeed and to meet our growth objectives”.
Sazerac CEO Jake Wenz added: “The team at Constellation has built the SVEDKA brand over the years to be known for its high-quality vodka-making traditions, premium liquid standards, and flavor innovation. We are honored for this opportunity and excited to add SVEDKA to our global spirits portfolio featuring their award-winning vodkas, seltzers, and gins”.
Source: Contellation Brands
