Belvedere Confirms Acquisition of 2 Distilleries in the United States.PALM BEACH GARDENS, Fla. -- Pursuant to the agreement signed on January 31 this year, the Belvedere Belvedere (bĕl`vədēr, Ital. bālvādĕ`rā), court of the Vatican named after a villa built (1485–87) for Innocent VIII. Group has just closed on the acquisition of the assets of the Florida Distillers Company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. from the Swedish State owned Group, V&S Vin & Sprit AB (parent company of Absolut vodka). A Strategic and Value-Creating Transaction Via this transaction, Belvedere is acquiring 2 distilleries in the United States with a total annual production capacity of 5 million (9 litre) cases of distilled spirits along with a dynamic new platform to develop its business in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . From a financial standpoint, this activity generated US$82M in turnover in 2006 with EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of US$10.5M (based upon proforma data). The transaction, which will be earnings accretive, has been fully financed with the group's internal resources. |
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