April 16 - Belvédère is currently conducting a strategic study of how to strengthen its position in the vodka market. We have had discussions with the owners of one of the main distilleries in Russian about terms and conditions of a possible combination.
If the project should bear fruit, it would allow Belvédère to strengthen its position very significantly in the World’s number 1 vodka market (280 million cases of 9 liters, source IWSR).
Debt Reduction Remains a Short-Term Priority for the Group
For Belvédère, undertaking new acquisitions remains contingent on successfully completing our program to divest non-strategic assets presented last June.
This plan, which provided for sale of 3 assets, was two-thirds completed with the sale of:
■ the non-alcoholic beverage business of Marie Brizard for € 178 million in September 2007,
■ the U.S. vinegar business for $ 30 million in early April. Sale of the third asset (a parcel of 7 hectars in Krakow) is presently underway and remains one of our Group’s major short-term objectives.