Irish Distillers has entered exclusive negotiations with a family-owned drinks company in the US to sell Paddy Irish Whiskey.
Irish Distillers says it expects to complete the disposal of the brand, to New Orleans-based Sazerac, in the coming weeks.
Anna Malmhakhe, chief executive of Irish Distillers, said the proposed sale was in line with the company's strategy to simplify its portfolio. It plans to sell Paddy, the fourth biggest Irish whiskey brand in terms of global sales, and concentrate on its other two whiskey brands Jameson and Powers.
"This deal with Sazerac, if completed, would allow Irish whiskey's reputation and footprint to grow further internationally. The proposed deal would ensure that Paddy would continue to be produced with the same love and care by our team in Midleton, Cork," she said.
Irish Distillers said if the transaction does go through all employees at Paddy Irish Whiskey would remain in place under their current terms and conditions of employment.
