LOUISVILLE, Ky. (WDRB) -- Brown-Forman Corp., the Louisville-based maker of Jack Daniels, Woodford Reserve and other brown spirits, is officially out of the vodka business.
The company's sale of Finlandia, its Finnish-made vodka brand, has closed, Brown-Forman said Wednesday. The $220 million sale was announced in June.
"The sale of Finlandia vodka is another step in Brown-Forman’s long-term strategic ambition to premiumize its portfolio through brand innovation, acquisition, and divestiture," the company said.
Finlandia's new owner is Coca-Cola HBC, a Switzerland-based bottler and distributor of beverages from the Coca-Cola Co. and other suppliers, whose markets are primarily Italy and Greece but also include Russia and Ukraine.
Brown-Forman had signaled dwindling prospects for Finlandia following the company's suspension of operations in Russia, which the company said was a "key market" for the vodka brand.
