Alcoholic beverage manufacturers to sell businesses in Russia

Alcoholic beverage manufacturers to sell businesses in Russia

Maxxium Russia will be sold to a local management team

Multinational spirits producers Beam Suntory and Edrington will sell their joint venture, Maxxium Russia, and exit the Russian market, the company said in a statement on its website earlier this week.

“After suspending shipments to Russia following the invasion of Ukraine in early March, we began reviewing approaches for the future of the Russia business… We determined that the best way out of the market was through the sale of the joint venture from Russia to the local management team.”, the statement said.

The company added that it will not resume shipments and “continue to comply with all applicable laws, including international sanctions.” Maxxium Russia produces Jim Beam bourbon, Macallan and The Famous Grouse whiskies, Sauza tequila, Сourvoisier cognac, Brugal rum and others.

Since the end of February, more than 1,000 foreign companies have announced their withdrawal or temporary suspension of business in Russia, as the crisis in Ukraine put pressure on supply chains and sanctions prevented many international brands from continuing their business operations in the country. country. These include other spirits manufacturers, including American Brown-Forman, which produces Jack Daniels whiskey and Finlandia vodka, and the UK’s Diageo, which owns brands such as Johnnie Walker, White Horse, Captain Morgan, Guinness, Smirnoff and Baileys.

Melissa Galbraith
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.