Here’s a summary of the provided text:
Diageo is selling two of its Ready-to-Drink (RTD) brands, UDL and Ruski, to vok Beverages in Australia.
Key points:
Vok Beverages: Founded in 2002, it’s a subsidiary of the Bickford Group, specializing in beer, wine, spirits, cider, and RTD beverages.They produce brands like 23rd Street Gin and Vok liqueurs.
Diageo’s rationale: The sale is part of Diageo’s broader cost-cutting efforts. They’ve increased their cost savings target to $625 million over the next three years.
Diageo’s Continued Presence: Diageo will continue to produce a range of RTD brands in Australia under brands like Bundaberg Rum, Smirnoff Vodka, and others. Vok Beverages’ Response: Angelo Kotsses,Vok Beverages’ Managing Director,expressed excitement about the acquisition and plans for future innovation.
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