Beam Suntory, along with Edrington, has reached an agreement to sell the Maxxium Russia joint venture business to the local management team.
Maxxium Russia is the Russian subdivision of the international alliance of Beam Suntory and Edrington.
In a statement, Beam and Edrington said: “After suspending shipments to Russia following the invasion of Ukraine in early March, we began reviewing approaches to the future of the Russia business”.
“We determined that the best way to exit the market was through a sale of the Russia joint venture to the local management team, and we wish our respected former colleagues the best with the future direction of the company.”
The companies say that shipments from Beam Suntory will remain suspended as it “continues to abide by all applicable laws including international sanctions”.
Maxxium Russia is Beam and Edrington’s last jointly-owned distribution business, as last year the companies agreed to end their joint venture in the UK and Spain and shift to fully-owned structures.
© FoodBev Media Ltd 2022
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