Pernod Ricard sells Tia Maria

Pernod Ricard's disposal programme continues with the sale of Tia Maria to Illva Saronno. Offloading the coffee liqueur will raise €125 million (£108 million) for the company and is part of its strategy to reduce debt.

Since its acquisition of Vin & Sprit in July 2008, Pernod Ricard said it had disposed of assets totalling over €700 million.

The deal will see Chivas Brothers take on production of Tia Maria for Illva Saronno, and, in the short-term, Pernod will continue to distribute the brand.