World: Diageo reportedly seeking beer portfolio sale, except for flagship Guinness
Diageo, the world's largest spirits maker, is seeking to divest its beer portfolio, except for flagship brand Guinness, Axios reported on December 5, citing sources familiar with the firm.
Beer sales of 3.36 billion pounds ($4.23 billion) accounted for just over 14% of total sales at Diageo for the year ended June 30, whereas Spirits sales contributed a mammoth 81%.
Diageo is looking to sell beer brands including Smithwick's, Kilkenny and Harp Lager, based in Ireland, and Tusker in Kenya, among others, Axios reported.
Diageo did not immediately respond to Reuters' request for comment on the report.
The Johnnie Walker whisky maker in November warned of a drop in first-half operating profit growth on weakness in some regions.
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