Central European Distribution Buys Russian Vodka Maker
on 30/11/10 at 2:52 pmIndustry
Central European Distribution Corp. said Monday it will pay $91.5 million for the remaining share of a Russian vodka maker.
The spirits company (NASDAQ:CEDC), which already owned 80 percent of Whitehall Group, acquired the final 20 percent, including global brand rights for Kauffman Vodka.
Whitehall is one of Russia’s leading companies dealing with imports and distribution of wine and spirits. Kauffman Vodka is a top shelf Russian vodka exported to 25 countries.
The deal, subject to regulator approval, will be financed with $68.5 million in cash and $23 million in shares of CEDC.
Pending approval, the deal is expected to close within six weeks.
CEDC of Bala Cynwyd, Pa., is the largest producer of vodka in the world and has annual sales of $1.5 billion.