Thursday
Dec 13 2007

Antoine Houdebine, Managing Director of Mount Gay Distilleries Ltd. & Remy Martin Cointreau Caribbean.

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Mount Gay doubles sales in US market
Web Posted - Thu Jul 19 2007
By Randy Howard

MOUNT GAY rum has recorded significant sales and export growth within the last year, and one of the highlights is the doubling of its sale to the US market. During the last year, the popular local spirits doubled its sales in that market to 36 000 cases, which has confirmed its place as the largest external market for the long-standing Barbadian product.

According to Antoine Houdebine, Managing Director of Mount Gay Distilleries Limited & Remy Cointreau Caribbean, this figure was among the 500 000 cases that were sold worldwide, which translates into 5.6 million bottles of the world renowned rum.

80 per cent of these sales were outside of Barbados, and overall returns amounted to US$30 million. Yesterday evening the distillery opened its new Aging and Blending Facility in St. Lucy, and Houdebine indicated that it currently possesses the capacity to hold 36 000 barrels of rum, which translates into 5 million litres of pure alcohol.

He made the point that this capacity can be extended given the acreage that is available to them, but this would come as the company grows and as its sales, and hence demands for more storage increases. The project is valued at Bds$14.5 million, $3.5 million was funded by the European Union, with the remainder being covered by the company itself.

Remy Martin Cointreau, which bought Mount Gay in 1989, also had a good year, recording total net sales of US1$ billion, which represents a 3.8 per cent growth over the previous year.

Net operating profit was recorded at US$206 million, which is an increase of 20 per cent over that recorded the year before.

The company, which is privately owned, is responsible for internationally known brands such as Remy Martin Cognac; liqueurs such as Cointreau, Passoa, Izarra, Ponche Kuba; spirits such as Metaxa, and St. Remy; as well as a number of Champagnes.



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