Diageo has sold coffee-cream liqueur brand Sheridan’s to Casa Redondo, marking another disposal for the spirits giant. Financial terms were not disclosed. This move aligns with Diageo’s strategy of effective portfolio management. Casa Redondo sees Sheridan’s as a valuable addition to its global portfolio, enhancing its international presence.

The sale of Sheridan’s follows Diageo’s offloading of other brands like Cacique and Pampero. The company aims to maximize shareholder value and focus on core strengths for sustainable growth. Diageo’s reported net sales slightly dipped but rose organically. Operating profit before exceptional items also saw a decline amid restructuring costs.

Diageo’s cost-saving efforts have been intensified, aiming to save $625m. Interim CEO Nik Jhangiani emphasizes the importance of driving growth and building stronger capabilities. The company is making substantial changes to its product portfolio through asset disposals. Diageo continues to streamline operations for better efficiency and performance.

In a bid to strengthen its position, Diageo announced the closure of its Crown Royal whisky bottling facility in Canada. This decision sparked backlash from Ontario Premier Doug Ford. The company has been actively restructuring its operations and portfolio to adapt to changing market dynamics. Diageo remains focused on long-term growth and sustainability.

Read more at Yahoo Finance: Diageo sells Sheridan’s liqueur to Casa Redondo