Philippine distiller buys major Spanish brandy maker
The Philippines largest liquor producer Emperador said Tuesday it would purchase a major Spanish brandy and sherry brand, representing its latest foreign acquisition after obtaining Iberian vineyards and a Scottish whisky giant.
Emperador said in a disclosure to the Manila stock exchange that it had reached an agreement to purchase Spain's Fundador from US-based Beam Suntory for 275 million euros ($291 million).
Fundador produces popular brandies including one of the same name and the Terry Centenario and Tres Cepas brands. It also makes Harveys, a sherry.
"This will further strengthen Emperador's position as the number one brandy company in the Philippines and in the world," the statement added.
Emperador, which started as a brandy maker in the Philippines, has been expanding its global presence in recent years.
Last year, it paid 430 million pounds for Scottish whisky maker Whyte and Mackay and 60 million euros for half of Spanish brandy producer Bodega Las Copas.
It has also been acquiring Spanish vineyards and brandy stocks.
"With the combined global reach of Whyte and Mackay and Fundador, our expanded product portfolio will have access to more than 100 countries internationally," the company said.
"In our pipeline are several proudly Philippines-made products that we intend to introduce to the international markets starting next year," Emperador president Winston Co was quoted as saying.
Emperador is a wholly owned subsidiary of Alliance Global Group, a Philippine conglomerate with interests in liquor, real estate, resorts and gaming and fast food restaurants.
Alliance Global is controlled by Andrew Tan, the Philippines' third richest man according to the 2015 list of Forbes Magazine.
© 2015 AFP