Sep 2007 Financial News

Angostura plans U.S. HQ in region

Sep 21, 2007

The new owner of the former Seagram's distillery in Lawrenceburg has big plans for the plant, and the region.

Angostura Ltd. said Monday that it will make the Lawrenceburg facility its flagship operation, and build a U.S. corporate headquarters in the Tri-State area.

"We want to establish our presence here and elsewhere in the United States," said Lawrence Duprey, chairman of CL Financial Group, the Trinidad and Tobago-based parent of Angostura, in a news release. "The establishment of a U.S. headquarters is a first step to accomplishing that goal. Angostura intends to establish its marketing arm for the worldwide sales of spirits products at Lawrenceburg and plans to employ local, experienced marketing personnel and young graduates from the Cincinnati area."

Angostura expects to double the distillery's operating income over the next five years, and will begin by moving packaging of some of its products, including its Angostura bitters and Lemon Lime & Bitters, to Lawrenceburg, Duprey said. The distillery, which has continued to package brands from former owner Pernod Ricard, is already the largest independent spirits producer in the country.

"We plan to lure business to Lawrenceburg and develop long-term relationships with companies wishing to acquire better quality and service for both distillate and packaging," Duprey added.

In February, CL Financial agreed to purchase the 160-year-old distillery from Pernod Ricard USA, keeping about 150 jobs out of more than 400 the Seagram's plant formerly employed. Pernod, which had acquired the plant in 2001, kept about 30 support jobs at an office in Hebron.

Angostura, also headquartered in Trinidad and Tobago, is a leading producer of rum, as well as Scotch whiskey, cognac, vodka, rum punch and alcohol-based sauces.




Source:
Business Courier of Cincinnati
Monday 10th September, 2007
http://cincinnati.bizjournals.com/cincinnati/stories/2007/09/10/daily2.html