Beam to sell sherry business to Emperador

Deerfield-based Beam Suntory Inc. Monday announced it has agreed to sell its Jerez-based brandy and sherry business to Emperador Inc. in Manila, Philippines.

The all-cash transaction was valued at 275 million euros, about $291 million.

The agreement includes the Fundador, Harveys, Terry and Tres Cepas brands, as well as production operations in Jerez and Tomelloso, Spain.

Emperador is the world's largest brandy producer of the Emperador brand.

Beam decided to sell the unit after reviewing its entire portfolio, said Steve Fechheimer, head of strategy and corporate development at Beam Suntory.

"Our teams in Jerez and Tomelloso are outstanding, and I am confident that the operations and the brands produced there have a very bright future as part of Emperador Inc.," Fechheimer said.