The Coca-Cola Hellenic Bottling Company (Coca-Cola HBC) has decided to purchase vodka producer Finlandia for $220 million. reported in a Coca-Cola press release posted on the organization’s website.
Coca-Cola HBC AG is pleased to announce that it has reached an agreement to acquire Brown-Forman Finland Oy, owner of the Finnish vodka brand, from Brown-Forman Netherlands BV, a subsidiary of Brown-Forman Corporation.
According to Zoran Bogdanovic, CEO of Coca-Cola HBC, the acquisition of Finlandia will help accelerate the expansion of local businesses into even more markets. In turn, Brown-Forman president Lawson Whiting added that Coca-Cola is a reliable partner of the company’s brands and therefore can further develop Finland.
In the message, which stated that the purchase price of the company was 220 million dollars, it was stated that the transaction could be completed in the second half of 2023 with the approval of all regulatory agencies.
8 June Interfax cites statistics from Rosalkogolregulirovanie analysts knowledgeablestated that since the beginning of this year, the production of vodka in the Russian domestic market has decreased by 9.9% compared to the same period of 2022. From January to May, only 27.2 million decaliters of this type of strong alcohol were produced in the Russian Federation.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.