The spirits group, which is changing its governance, also acquires the American Castle Brands and its bourbon Jefferson's.
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One billion yuan. About 130 million euros. This is the amount that Pernod Ricard is willing to bet to build a whiskey distillery in Emeishan, Sichuan, in the heart of China. The first stone was to be laid Thursday, August 29. But it will be necessary to wait until 2021 so that the alcohol begins to flow, and 2023 to drink the first bottle whose Chinese mark is not revealed.
"With this project, we will be the first to offer a single malt whiskey", says Alexandre Ricard, CEO of the world's second largest spirits group. This project illustrates the strategy he has been pursuing since February 2015, the date of his arrival at the head of the company founded by his grandfather, Paul Ricard. "When we invest in China or Africa, it's a long-term strategy," he emphasizes, anchored in the family group's story.
But the grandson of the founder has also set other imperatives: grow and accelerate the change of the group. Hence the term "Transform & Accelerate" chosen to qualify the new strategic plan that takes place over three years from 2018 to 2021. " (In this context), we are accelerating the dynamic management of our portfolio »says Ricard.
Brand repurchase
To meet the new expectations of consumers inclined to discover so-called alcohols "Artisanal", Pernod Ricard adds new brands to its bar. The group announced Wednesday, August 28, the acquisition of the US company Castle Brands for $ 223 million (201 million euros). What to offer a new bourbon brand Jefferson's. By early August, Pernod Ricard had landed Texas Texan whiskey and its distillery near Fort Worth. And, in June, Rabbit Hole, a Kentucky bourbon. Pernod Ricard also cast, in April, its sights on Italian gin Malfy. Conversely, he sold Argentine wines.
But this rise in power is not limited to brands. "We are accelerating our financial policy"says Ricard. For the first time, the family group is launching a share buyback program of up to € 1 billion over two years. It also strongly increases the distribution of dividends. Decisions that do not fail to be compared with the surprise arrival of the American activist fund Elliott to its capital in December 2018.
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https://www.lemonde.fr/economie/article/2019/08/29/pernod-ricard-implante-une-distillerie-de-whisky-en-chine_5504071_3234.html
