Latest news with #Ricard
Irish Independent
a day ago
- Business
- Irish Independent
Jameson owner Pernod Ricard says it's ‘committed' to Ireland amid global review
France's Pernod Ricard owns Irish Distillers, with Jameson being a leading global seller for the group. It also owns brands such as Absolut and Martell. 'Pernod Ricard announced a reorganisation project aimed at creating a more agile and simplified organisation aligned with our strategic objectives and the current evolution of our business,' said a spokesperson. 'Given that we have just begun this process, we are not in a position to comment any further at this stage,' they said. The spokesperson added: 'Jameson is a strategic brand for Pernod Ricard, and we remain committed to Ireland, the Irish whiskey category and the growth of our whiskey brands on the global stage.' Jameson looks set to retain a leading role in the company's high-profile portfolio. Pernod Ricard told staff this week that it has launched an "internal project to create a more agile and simplified organisation". It had already announced job cuts in China, where steep anti-dumping duties on its Martell cognac label have hit sales hard, as well as a plan to cut €1bn in costs by its 2029 financial year. In a staff memo, chief executive Alexandre Ricard said the project, dubbed 'Tomorrow 2', was intended to "further advance the simplification of our organisation". Mr Ricard told staff in a video that the restructuring, which includes bundling administrative tasks rather than having brands operate individually, would lead to "departures", two sources said. There were no further details about the impact on jobs. In the presentation slides, the company said it would organise its brands into two main units, named Gold and Crystal. ADVERTISEMENT The Gold division would include champagne and brands such as Martell cognac and Jameson, while Crystal will include Havana Club, Absolut vodka and some French aperitif brands. The company plans to implement the changes, including voluntary departures, in the last three months of 2025, the slides showed. "These changes imply the launch of local consultation processes with our social partners and employees where necessary," Pernod Ricard said, without commenting on the number of jobs affected or the plan to group brands into two units. Last month, the master distiller at Pernod Ricard's Irish Distillers unit, Kevin O'Gorman, said a new €250m distillery at Midleton in Co Cork won't now open until 2027. It had been expected to open this year. Last month rival LVMH's wines and spirits division announced plans to shrink its workforce by nearly 13pc. Pernod, Guinness maker Diageo and Remy Cointreau have also had to adjust their growth expectations as the boom in sales enjoyed after the Covid pandemic has gone into reverse. All three companies have scrapped or reduced ambitious sales targets for the coming years. Remy and other rivals, such as Jack Daniel's maker Brown-Forman have also cut jobs. Diageo, the world's largest spirits maker, also plans to cut $500m in costs and make substantial asset disposals by 2028.
Yahoo
a day ago
- Business
- Yahoo
Pernod Ricard launches reorganisation plan
Pernod Ricard has launched "an internal project" aimed at creating "a more agile and simplified organisation" at the Olmeca Tequila maker. Reports from Reuters yesterday (18 June) suggested the group was looking to streamline its operations. Internal company presentation slides viewed by the publication reportedly suggested Pernod Ricard plans to group its brands into two main divisions. When asked about its plans, the group told Just Drinks: "At Pernod Ricard, we work on an ongoing basis to adapt our organisation and ways of working to the fast-evolving business environment. "That is why we have announced to all our employees an internal project aimed to create a more agile and simplified organisation aligned with our strategic objectives and the current evolution of our business. "These changes imply the launch of local consultation processes with our social partners and employees where necessary, therefore we cannot comment any further at this stage'. It is unclear how many employees may be affected by the move. According to a staff memo, seen by Reuters, CEO Alexandre Ricard said the project, called Tomorrow 2, looks to "further advance the simplification of our organisation". Two sources also told the publication Ricard informed staff in a video the group's restructuring would bring about "departures". Several major distillers have been facing pressure on sales amid slowing demand in important markets including the US and China. Trade tensions have also weighed on consumer sentiment and shaken supply chains. In May, LVMH's Moët Hennessy also reportedly revealed plans to lay off thousands of its employees. Pernod Ricard's two new business divisions are allegedly called "Gold" and "Crystal", with the former including Champagne, and brands such as Martell Cognac and Jameson whiskey. The latter would feature Havana Club rum, Absolut vodka and French aperitifs. According to Reuters, the changes are expected to be brought into force in the last three months of this year. In its third-quarter results, released in April, Pernod Ricard booked €2.38bn ($2.7bn) in net sales, declining 3% on an organic and reported basis. Nine-month net sales dipped 4% organically and by 3% in reported terms to €8.5bn, hit by a €145m foreign-exchange impact. Volumes in the nine months were up 1%. In Pernod Ricard's third quarter, its net sales in the US were up 2%, although the company said organic net sales were "ahead of sell-out supported by wholesalers' orders ahead of tariff announcements". In China, net sales declined 5% and were down 22% in the first nine months of the financial year. At the time, the group said it was facing a 'macro context' that 'remains challenging'. Speaking after Pernod Ricard reported its third-quarter results, CFO Hélène de Tissot said the company expected China to weigh on its annual performance. 'For the fiscal year '25, the main impact of tariffs is China, which we are completely assessing. That's why we are confirming our ability and our confidence to sustain the operating margin," she said at the time. "Pernod Ricard launches reorganisation plan" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
NBC Sports
11-03-2025
- Sport
- NBC Sports
Patrick Ricard agrees to re-sign with Ravens
Fullback Patrick Ricard is set to return to the Ravens. Dianna Russini of reports that Ricard has agreed to a one-year deal that will keep him in Baltimore. Ricard has been with the Ravens since 2017 and he was named a first-team All-Pro for the first time in his career in 2024. Ricard, who has also been named to five Pro Bowls, had three catches for 22 yards and a touchdown while also serving as a key blocker in the team's offense. The Ravens also agreed to a new deal with left tackle Ronnie Stanley over the weekend, so two longtime members of the offense will be back in 2025.
USA Today
11-03-2025
- Sport
- USA Today
Ravens are re-signing fullback Patrick Ricard to a one-year, fully guaranteed deal
Ravens are re-signing fullback Patrick Ricard to a one-year, fully guaranteed deal Hours after agreeing to a deal with Ronnie Stanley, the Ravens have reached an agreement with fullback Patrick Ricard to remain with the franchise. The Ravens are re-signing FB Patrick Ricard to a one-year, fully guaranteed deal, per source. — Dianna Russini (@DMRussini) March 11, 2025 Hours after agreeing to a deal with Ronnie Stanley, the Ravens have reached an agreement with fullback Patrick Ricard to remain with the franchise. Dianna Russini reports that Ricard will return to Baltimore on a fully guaranteed one-year deal. A Pro Bowl fullback, Ricard recorded three catches on five targets for 22 yards and a touchdown in 17 regular-season games in 2024. He did not log any carries. Ricard played in all 17 of Baltimore's regular-season contests for the third straight season. He proved his value by making the Pro Bowl without carrying the football for the second consecutive campaign, and his three receptions were his fewest since 2018.
