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e74m deal finalised
John Teeling
A MULTI-MILLION euro deal that will see US spirit giant Beam takeover the Cooley Distillery whiskey operation in Co Louth has been finalised.
The award-winning distillery sold for approximately e74million ($95million) and was the only independent Irish whiskey producer remaining.
Speaking about the take over Chairman of Cooley Distillery John Teeling said: “Beam can do in ten years what it would take Cooley, on its own, 30 years to do.
“It is a bittersweet moment for myself and the other founders as we cede control but, having rebuffed many suitors, we were happy that Beam, which is a pre-eminent whiskey company, will build on the strong foundations laid down over 24 years.”
Mr Teeling added: “I want to thank the staff, shareholders, and close colleagues who have been on the journey. It is only the beginning.”
Cooley Distillery is responsible for well known Irish brands such as Kilbeggan Irish whiskey, Tyrconnell Single Malt, Connemara Peated Single Malt and Greenore Single Grain Irish whiskey.
President and CEO of Beam Matt Shattock said: “As one of the world’s fastest-growing spirits companies, Beam is excited to enter one of the world’s fastest-growing spirits categories. On behalf of the 3,200 Beam associates worldwide, we are delighted to welcome Cooley’s talented workforce to the Beam family.”
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Tuesday 22 May 2012
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