Italy's Campari to sell Cinzano and Frattina brands for 100 million euros
MILAN, June 26 (Reuters) - Italian spirits group Campari (CPRI.MI), opens new tab has agreed to sell its Cinzano vermouth and Frattina grappa brands to domestic rival Caffo Group 1915 for 100 million euros ($117 million), it said on Thursday.
The deal is part of Campari's efforts to streamline its brand portfolio by selling non-core items to focus on its core spirits business and reduce debt.
Both Cinzano and Frattina include also a sparkling wine production alongside the vermouth and grappa which the two brands, respectively, are famous for.
In 2024 net sales of Cinzano and Grappa Frattina amounted to 75 million euros and accounted for 2% of Campari's overall net sales.
($1 = 0.8550 euros)
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