Diageo is seeking to divest its Irish beer portfolio on margin concerns, except flagship brand Guinness, Axios reported on Tuesday, citing sources familiar with the world’s largest spirits maker.
The company is looking to sell beer brands including Smithwick’s, Kilkenny and Harp Lager, based in Ireland, and Tusker in Kenya, among others, Axios reported, adding that its beer brands were a margin drag on the rest of the business.
Diageo does not comment on market speculation, a company spokeswoman said in an emailed response to The Irish Times.
Beer sales of £3.36 billion (€3.93 billion) accounted for just over 14 per cent of total sales at Diageo for the year ended June 30th, whereas spirits sales contributed a mammoth 81%.
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The Johnnie Walker whisky maker in November warned of a drop in first-half operating profit growth on weakness in some regions. – Reuters
