ST. CROIX, U.S. Virgin Islands, June 23 Diageo-USVirginIsland
ST. CROIX, U.S. Virgin Islands, June 23 /PRNewswire-FirstCall/ -- U.S.
Virgin Islands Governor John P. deJongh, Jr. today announced a landmark
public-private initiative with Diageo, the world's leading spirits, wine and
beer company for the construction and operation of a high capacity distillery
on the island of St. Croix.
The new facility will produce bulk rum beginning in 2011. Beginning in
2012, the distillery will supply all bulk rum used to make Captain Morgan
branded products for the United States. Captain Morgan is a global leader
among premium spirits and is the second leading rum consumed in the world,
with steady growth expected in the coming years. It is estimated that the
environmentally sound, state of the art distillery will have capacity to
distill up to 20 million proof gallons per year. This 30-year commitment will
provide a major economic stimulus for the entire Territory of the U.S. Virgin
Islands.
Governor deJongh said, "This Agreement, when ratified by the Legislature
of the Virgin Islands, marks the greatest single financial step forward we
have taken in this Territory in fifty years. This will bring jobs and a
tremendous future stream of revenue, a long-term source of funds that will go
far towards solving many of the challenges we face as a Territory."
The Governor continued, "When fully built out and operating, the Diageo
rum facility will enable us to address our long-term challenges, in particular
our unfunded pension liability and long needed capital projects without having
to take the money from other areas of need, or borrow from our children."
"We are always looking for ways to secure long term, high quality
production for all our brands," said David Gosnell, Managing Director, Global
Supply and Global Procurement for Diageo plc. "The investment in -- and
development of -- the project on St. Croix continues the tradition of Captain
Morgan sourcing from the best bulk rum stocks in the Caribbean and enhances
Diageo's position in the global rum market as the brand continues to grow."
The development of the new Diageo rum distillery will diversify the Virgin
Islands rum industry, which enjoys an existing relationship with primary rum
producer, Cruzan VIRIL.
Governor deJongh described the public private partnership with Diageo as
"a real success story, one that we can all be proud of as Virgin Islanders."
He continued, "That we have attracted such a vast and successful
multi-national corporation to our shores can only serve as a signal that we
are beginning to work together to build the Virgin Islands of prosperity and
opportunity."
ABOUT DIAGEO
Diageo (Dee-AH-Gee-O) is the world's leading premium drinks business with
an outstanding collection of beverage alcohol brands across spirits, wines,
and beer categories. These brands include Johnnie Walker, Guinness, Red
Stripe, Smirnoff, J&B, Baileys, Cuervo, Tanqueray, Captain Morgan, Crown
Royal, Beaulieu Vineyard and Sterling Vineyards wines.
Diageo is a global company, trading in more than 180 countries around the
world. The company is listed on both the New York Stock Exchange (DEO) and the
London Stock Exchange (DGE). For more information about Diageo, its people,
brands, and performance, visit us at http://www.diageo.com/ .
Celebrating life, every day, everywhere, responsibly.
SOURCE Diageo and the Office of the Governor of the U.S. Virgin Islands
