Some big names at the corner bar--Old Grand Dad, DeKuyper cordials, Vat 69 Scotch, Sauza Tequila, and Gilbey's gin and vodka--are being sold to the maker of Jim Beam bourbon for $545 million.
The sale agreement announced Wednesday comes as National Distillers and Chemical Corp. continues to shed the liquor business that gave the company its start 64 years ago and concentrate on the chemical and propane-marketing businesses.
In the announcement, National Distillers said it had a definitive agreement to sell its spirits division to James B. Beam Distilling Co., producer of Jim Beam whiskey and a subsidiary of American Brands Inc. of Old Greenwich, Conn.
Last month, the company sold its Almaden Vineyards wine business for $128 million to Heublein. Coupled with that, Wednesday's sale drains the last vestige of alcohol from a company that was once one of the largest liquor manufacturers in the United States.