The government of St Croix has reached an agreement with Fortune Brands that will keep Cruzan Rum on St. Croix and expand the brand and its importance in the portfolio of Fortune Brands, the largest U.S. spirits company and the fourth largest premium spirits company in the world.
From the Governor’s press release, “This agreement is a comprehensive solution to the challenges Cruzan has faced, and it is a very good agreement for the Government and people of the Virgin Islands. It means that we will keep Cruzan in St. Croix for at least the next thirty years, which is something that I am especially proud to have accomplished for our Virgin Islands.
“The agreement will also provide Cruzan with the resources to promote their environmental sustainability, and it will provide Cruzan the ability to expand their distillery, and to grow new brands on St. Croix, including the Beam Global brand, Ronrico.
“This is a real partnership that benefits the company and the people of the Virgin Islands. This partnership is projected over the coming years to allow us to more than double the amount of cover-over revenue to be collected from the sale of Cruzan Rum from their modernized and environmentally compliant distillery in Estate Diamond on St. Croix.
“The U.S. Virgin Islands now, and long into the future, will be home to the #2 (Captain Morgan) rum sold in U.S. markets as well as the #4 (Cruzan) and the #5 (Ronrico) rum brands sold today. We will also be working with their owners to help them grow these brands for their benefit — and for ours.
“I will be spending a significant amount of time explaining our diversification efforts in the rum industry to many in the capital markets and in Washington, D.C. along with continuing to fight for our right to the tools provided to us by Congress in 1954.”
Here is the link to the Governor’s video announcing the agreement.