Maxxium and Vin & Sprit complete Absolut deal

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Maxxium Worldwide and V&S Vin & Sprit today completed their deal to bring V&S into the Maxxium joint venture with Rémy Cointreau, Highland Distillers and Jim Beam Brands. Maxxium will handle distribution of the V&S portfolio including Absolut Vodka in major markets outside the US and the Nordic countries. Jim Beam Brands and Vin & Sprit, maker of Absolut, also finalised their strategic partnership today.

Joint distribution of the partners' spirits and wine brands, including Jim Beam bourbon and Absolut, begins in the US tomorrow. The agreements were originally announced on March 20. Maxxium has been distributing V&S brands on an interim basis since May 1. The transfer will be completed on June 1. V&S paid Eur107m ($92) for a 25% stake in Maxxium.

Maxxium ceo Roland van Bommel said: "We are delighted to commence distribution of Absolut and other V&S brands. This complements our already strong portfolio of premium brands for the benefit of our shareholders and customers."

V&S president and ceo Peter Lagerblad said: "We have secured a larger part of the value chain for V&S. Our objective is to use the new distribution arrangement as a platform to become one of the leading international spirits companies."