WILL THE LUCK OF THE IRISH COME TO BEAM?
Beam Inc. is getting into the Irish whiskey business. The drinks company entered into an agreement to purchase Cooley Distillery in Ireland for approximately $95 million on a debt-free basis. This will mark Beam’s entry into the fast-growing Irish whiskey industry. Cooley owns and produces the Kilbeggan, Connemara, Tyrconnell, and Greenore brands. It currently sells approximately 25O,OOO nine-liter cases per year divided among its own brands, private label products and bulk sales to third-party customers. The distillery also has production capacity to support future growth. The parties expect to complete the transaction in the first quarter of this year.