Irish Distillers has entered into exclusive negotiations to sell the Paddy Irish Whiskey brand to New Orleans-based drinks firm Sazerac.
According to a statement released by Irish Distillers, which is owned by Pernod Ricard, the transaction would see the world’s fourth largest whiskey brand continue to be produced at its Midleton Distillery in Co. Cork.
It added that, 'There would be no impact on roles at Irish Distillers; all employees would remain in place under current terms and conditions.'
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Anna Malmhake Chairman and CEO of Irish Distillers, commented, "This deal with Sazerac, if completed, would allow Irish whiskey’s reputation and footprint to grow further internationally.
"The proposed deal would ensure that Paddy would continue to be produced with the same love and care by our team in Midleton, Cork."
Mark Brown, President and CEO of Sazerac, added, "If this deal goes through, we are confident that we will be able to take Paddy to the next level, building on its strong history and roots."
The two parties expect to sign and completed the transaction in the coming weeks, subject to pending negotiations.
© 2016 - Checkout Magazine by Jenny Whelan.