Sep 2005 Financial News

Duprey signs US$121M rum deal

Sep 28, 2005

International businessman Lawrence Duprey said Monday that Angostura’s most recent sale would add tremendously to the bottom line of the company and add to increase benefits to shareholders.

Duprey was speaking after the conclusion of the sale of Cruzan International Inc (formerly Todhunter International Inc) in which Angostura owned 68 per cent, for US$121.8 m on Monday at the Angostura Complex in Laventille.

The purchaser is V&S Vin and Sprit AB (V&S), producers of Absolut vodka and distributor of other rums, wines and brandies, located in Sweden, but is headquartered in West Palm Beach, Florida and has operations throughout the USA and USVI.

“More things are in the works for our local brands,” said Duprey, who will be leaving shortly to further develop more business opportunities in India and Turkey.

“Those markets are huge compared to ours,” said super-entrepreneur Duprey, “so you can imagine what will happen to Angostura products when we get even a small part of it? We are happy with the deal, and we now have the resources to grow our brand and add serious value to our shareholders.”

Angostura Holdings shares closed at T&T$4.50 yesterday on the local stock market while Cruzan’s were listed on the American Stock Exchange at US$27.90.

Duprey said that even though Cruzan which it owned for five years was a profitable company there was some overlapping with marketing of the local brands which the profits from the sale would help to promote his local rums globally.


Ian Gooding
The Trinidad Guardian
Wednesday, 28th September, 2005.
http://www.guardian.co.tt/business2.html