AMERICAN BRANDS COMPLETES ACQUISITION BY JIM BEAM BRANDS
AMERICAN BRANDS COMPLETES ACQUISITION BY JIM BEAM BRANDS OLD GREENWICH, Conn., Dec. 13 /PRNewswire/ -- American Brands, Inc.
(NYSE: AMB) announced today that its Jim Beam Brands subsidiary has formally completed the previously announced agreement to purchase seven distilled spirits brands for $372.5 million from Joseph E. Seagram & Sons, Inc.
The seven brands acquired are as previously announced: Lord Calvert Canadian Whisky, Kessler American Blended Whiskey, Wolfschmidt Vodka, Ronrico Rum, the Leroux line of cordials, Calvert Gin and Calvert Extra American Whiskey. Separately, American Brands noted that it expects to implement FAS 106 ("Employers' Accounting for Postretirement Benefits Other Than Pensions") in January 1993 and estimates that the one-time transitional obligation will amount to somewhat less than $275 million pretax and the ongoing annual charge will be around $35 million pretax (compared with $10.3 million in 1990). -0- 12/13/91 /CONTACT: Roger W. W. Baker, 203-698-5148, or Daniel A. Conforti, 203-698-5132, both of American Brands/ (AMB) CO: American Brands, Inc.; Joseph E. Seagram & Sons, Ltd. ST: Connecticut IN: FOD SU: TNM
TS -- NY029 -- 2353 12/13/91 12:15 EST
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|Date:||Dec 13, 1991|
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