Today at the United Nations, the World Society for the Protection of Animals (WSPA) handed nearly 110,000 signatures on its global petition to improve the treatment of farm animals, to the Executive Coordinators of the United Nations Conference on Sustainable Development (Rio+20), Ms. Elizabeth Thompson and Mr. Brice Lalonde. The petition represents the significant and growing worldwide support for Pawprint ? WSPA's campaign to put farm animal welfare on the agenda at Rio+20 in June.(Photo: http://photos.prnewswire.com/prnh/20120426/DC95258) Every day, billions of animals suffer on industrial farms. Pigs, chickens and cows are unable to move freely, breathe fresh air or even feel the sunlight. Not only is this one of the worst animal abuses in the world, it also has negative effects on the environment, poverty and human health. Through Pawprint, people from every corner of the globe have asked world leaders to include animal welfare as part of the discussions at Rio+20."We are thrilled that tens of thousands of people around the world have acknowledged that the well-being of animals is crucial to the future of people and our planet," said Luis Carlos Sarmiento, Country Director of WSPA-South America. "Now, more than ever, it is evident that better animal welfare belongs on the conference agenda.""It is very encouraging to see such vast support for implementation of comprehensive humane and sustainable agriculture practices," said Mr. Lalonde. "Food Security and Sustainable Agriculture is one of the priority areas that will be addressed at Rio+20."In the lead up to the conference in June, WSPA has sponsored high-level expert meetings, and developed several credible reports and farm-based case studies ? all of which showcase that humane farming is a viable, environmentally-friendly alternative to intensive industrial production methods. WSPA's goal is to lobby five recommendations to the UN, national government delegates and the agricultural industry:In addition to helping the animals themselves, humane and sustainable treatment of farm animals has been shown to provide a series of health, safety and environmental benefits:And, as ranchers in the U.S. have shown, farms that allow cows to graze on pasture are creating long-term local jobs.
Friday, April 27, 2012
Video: Watson to Acquire Actavis Group for EUR4.25 Billion
Watson Pharmaceuticals, Inc. (NYSE: WPI) and Actavis Group today jointly announced that Watson has entered into a definitive agreement to acquire privately held Actavis for an upfront payment of EUR4.25 billion. As a result of this acquisition, Watson will become the third largest global generics company with 2012 anticipated pro forma revenue of approximately $8 billion.
To view the multimedia assets associated with this release, please click: http://www.multivu.com/mnr/55267-Watson Pharmaceuticals-Acquires-Actavis
Actavis, which as a stand-alone company was positioned for strong growth, has a commercial presence in more than 40 countries and markets more than 1,000 products globally. Actavis has approximately 300 projects in its development pipeline and manufactured more than 22 billion pharmaceutical doses in 2011. Actavis has more than 10,000 employees worldwide and had 2011 revenues of approximately $2.5 billion.
"The acquisition of Actavis will create the 3rd largest global generics company, substantially completing Watson's expansion as a leading global generics company. Actavis dramatically enhances our commercial position on a global basis and brings complementary products and capabilities in the United States," said Paul M. Bisaro, President and CEO of Watson.
"In a single, commercially compelling transaction, we more than double Watson's international access and strengthen our commercial position in key established European markets as well as exciting emerging growth markets, including Central and Eastern Europe and Russia," Bisaro continued. "The transaction achieves Watson's stated strategic objective of expanding and diversifying our business into a truly global company. Once the transaction is completed, approximately 40% of our generic revenues will come from markets outside of the U.S."
"This transaction is financially compelling, accelerating Watson's top and bottom-line growth profile for the foreseeable future. It will be immediately accretive to non-GAAP earnings before synergies, and we estimate that annual synergies of greater than $300 million can be achieved within three years. Between now and closing, we will work closely with Actavis' management to prepare for a rapid and seamless integration so that Watson can maximize the benefits of this acquisition and capitalize on the significant potential to ensure long-term growth for our shareholders."
"Today marks a milestone in the history of Actavis. For two years I have had the pleasure of working together with the newly formed Actavis management team and our stakeholders who have led the company into a new phase," said Claudio Albrecht, Executive Chairman and CEO of Actavis. "We have successfully placed Actavis in a strong position to meet the future growth opportunities in the generic pharmaceutical industry."
"Building on this strong foundation, the combination of Watson and Actavis will result in a company of the size required to position itself as a strong player in the generic pharmaceutical industry. The two companies are an ideal complementary fit that will enable the combined company to enhance its position among the industry leaders. Additionally, together Watson and Actavis will be well placed in the fast-paced and dynamic biosimilars market," Albrecht added.
"I congratulate Watson on the acquisition of Actavis," said Thor Bjorgolfsson, chairman of investment firm Novator, the largest shareholder in Actavis for over a decade. "Having been a part of Actavis from the time it had a turnover of EUR20 million growing to EUR2 billion has been an adventurous and fulfilling journey.
"I saw a great opportunity in the combination of these companies and have worked relentlessly for the past several months on making it happen. We, the shareholders, are happy to take our consideration in shares of Watson common stock as we believe in the future value and growth prospects of this great combination of assets and talent. This is a dream combination in this industry," Bjorgolfsson added.
Key Benefits of the Transaction
Commercially Compelling Transaction
Dramatically Enhances Watson's International Presence
Expanded Global Market Presence
Expanded Portfolio and Pipeline
Financially Compelling Transaction
Significantly and Immediately Accretive
Synergies Provide Added Benefits
Strong Combined Cash Flow Allows for Rapid Debt Repayment
Additional Capabilities, Global Management/Employee Strength
Strengthens 3rd Party Business
Experienced, International Management Team
Expanded Global Team
Transaction Terms
Under the terms of the agreement, Watson will acquire Actavis for an upfront payment of EUR4.25 billion. Actavis stakeholders could also receive additional consideration, contingent upon Actavis achieving negotiated levels of certain 2012 performance targets.. The contingent payment, if fully earned would result in the delivery of up to 5.5 million shares of Watson common stock in 2013. This contingent payment was valued during the negotiations at EUR250 million, based on a per share price of $60, using a Euro to U.S. dollar exchange rate of 1.32.
Watson intends to fund the cash portion of the transaction through a combination of term loan borrowings and the issuance of senior unsecured notes. Watson currently has bridge loan commitments from BofA Merrill Lynch and Wells Fargo Bank, N.A. pending execution of its final financing plans. Watson anticipates that the combined company will generate substantial free cash flow, enabling Watson to pay down debt quickly to below 3.0x debt to adjusted EBITDA by 2013 and to achieve a level of approximately 2.0x debt to adjusted EBITDA in 2014.
Approvals and Timing
The acquisition will be subject to customary conditions, including review by the U.S. Federal Trade Commission (FTC) under the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act"), as well as approvals outside of the United States. Pending approvals, Watson anticipates closing the transaction in the fourth quarter of 2012.
BofA Merrill Lynch is acting as exclusive financial advisor and Latham & Watkins LLP is acting as legal advisor to Watson in connection with this transaction. Blackstone Advisory Partners and Deutsche Bank are acting as financial advisors and Linklaters and Clifford Chance are acting as legal advisors to Actavis in connection with this transaction.
Conference Call
The Company will host a conference call, with supporting slides available via webcast, beginning at 4:30 p.m. Eastern Daylight Time on April 25, 2012 to discuss the proposed acquisition. The dial-in number to access the call is U.S./Canada +1-877-251-7980; International +1-706-643-1573 and the Conference ID is 67192051. To access the slides go to Watson's Investor Relations Web site at http://ir.watson.com, or directly at http://www.videonewswire.com/event.asp?id=85954.
A taped replay of the conference call will be available beginning approximately two hours after the call's conclusion and will remain available through 12:00 midnight Eastern Daylight Time on May 9, 2012. The replay may be accessed by dialing +1-855-859-2056 and entering the same Conference ID above. From international locations, the replay may be accessed by dialing +1-404-537-3406.
About Watson
Pharmaceuticals, Inc.Watson Pharmaceuticals, Inc. is a leading integrated global pharmaceutical company. Watson is engaged in the development, manufacture and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health. The Company is also developing biosimilar products in Women's Health and Oncology. Additionally, we distribute generic and branded pharmaceuticals through our Anda Distribution business.
In 2011, Watson was the third largest generic pharmaceutical company in the United States. We also have commercial operations in key international markets including Canada, Western Europe, Asia/Pacific, South Africa and Latin America. Watson distributes approximately 8,500 stock-keeping units in the U.S. directly to more than 60,000 customers through our Anda Distribution Division.
For press release and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.
About Actavis
Actavis is one of the world's leading generic pharmaceutical companies, specializing in the development, manufacture and sale of generic pharmaceuticals. The company has operations in more than 40 countries, with over 10,000 employees. At present, Actavis has a portfolio which includes more than 1,000 medicines present on the market and registered in more than 70 countries.
Forward-Looking Statement
Statements contained in this press release that refer to Watson's estimated or anticipated future results or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. For instance, the statements in this press release relating to expected or anticipated benefits of the Actavis acquisition, the future financial performance of the combined company, cost synergies, future tax rates, the pay down of debt obligations, and the closing of the transaction are forward-looking statements. It is important to note that Watson's goals and expectations are not predictions of actual performance. Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business, Actavis' business and risks associated with acquisition transactions. These factors include, among others, the inherent uncertainty associated with financial projections; successful close and subsequent integration of the Actavis acquisition and the ability to recognize the anticipated synergies and benefits of the Actavis acquisition; the anticipated size of the markets and continued demand for Watson's and Actavis' products; the impact of competitive products and pricing; the receipt of required regulatory approvals for the transaction (including the approval of antitrust authorities necessary to complete the acquisition); access to available financing (including financing for the acquisition) on a timely basis and on reasonable terms; risks of fluctuations in foreign currency exchange rates; the risks and uncertainties normally incident to the pharmaceutical industry, including product liability claims and the availability of product liability insurance; the difficulty of predicting the timing or outcome of pending or future litigation or government investigations; periodic dependence on a small number of products for a material source of net revenue or income; variability of trade buying patterns; changes in generally accepted accounting principles; risks that the carrying values of assets may be negatively impacted by future events and circumstances; the timing and success of product launches; the difficulty of predicting the timing or outcome of product development efforts and regulatory agency approvals or actions, if any; market acceptance of and continued demand for Watson's and Actavis' products; costs and efforts to defend or enforce intellectual property rights; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with governmental regulations applicable to Watson's and Actavis' facilities, products and/or businesses; changes in the laws and regulations, affecting among other things, pricing and reimbursement of pharmaceutical products; and such other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's Annual Report on form 10-K for the year ended December 31, 2011. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.
All trademarks are the property of their respective owners.
Lear Wins 2012 PACE Award for Solid State Smart Junction Box?
Lear Corporation (NYSE: LEA), a leading global supplier of automotive seating and electrical power management systems, today announced its Solid State Smart Junction Box? (S3JB?) has won a 2012 Automotive News PACE (Premier Automotive Suppliers' Contribution to Excellence) Award honoring superior innovation, technological advancement and business performance among automotive suppliers. This prestigious award, now in its eighteenth year, is recognized around the world as the industry benchmark for innovation. The 2012 Automotive News PACE Awards were presented on April 23, 2012 at the Max M. Fisher Music Center in Detroit.
(Photo: http://photos.prnewswire.com/prnh/20120425/DE94544 )
Lear was the first to bring printed circuit board junction box technology to market in 1989. Junction boxes serve as central processors or controllers within an overall electrical distribution system. By eliminating switches and relays, consolidating circuits and utilizing proprietary software these devices improve power management capability at reduced costs. Lear's new 100% Solid State Smart Junction Box? delivers significant additional weight savings, further lowers cost and provides packaging efficiencies.
"I am very proud of the continuing high-level of innovation in our Electrical Power Management Systems business," said Matt Simoncini, Lear's president and chief executive officer. "Our new Solid State Smart Junction Box? provides another major step forward in terms of improving power efficiency and overall value to our customers," Simoncini added.
The first-to-market 100% Solid State Smart Junction Box? that delivers up to 80% weight savings was developed by Lear's Electric Power Management Systems (EPMS) division. Vehicle weight savings can be up to 10 pounds, when wire gauge reductions are taken into account, by eliminating traditional fuses and relays, and the S3JB? can enable meaningful related cost reductions, potentially providing a manufacturer substantial savings in new model introductions.
Lear's vice president of global engineering, electrical and electronics Mike Fawaz stated, "Lear is a global leader in developing cost-effective complete electrical power management systems for the automotive industry. The S3JB? represents a significant improvement over existing smart junction box technology. We are focused on providing our customers with industry leading engineering solutions particularly in the areas of cost, weight reduction, packaging flexibility and optimization within the overall vehicle architecture."
Lear Corporation is one of the world's leading suppliers of automotive seating and electrical power management systems. The Company's world-class products are designed, engineered and manufactured by a diverse team of approximately 100,000 employees located in 35 countries. Lear's headquarters are in Southfield, Michigan, and Lear is traded on the New York Stock Exchange under the symbol [LEA]. Further information about Lear is available at lear.com.
Brattle Economists Propose Framework To Harmonize Analysis Of Manipulative Behavior In Electricity And Natural Gas Markets Across The U.S. And EU
A new paper by Brattle economists proposes an economic framework that would provide uniformity to the analysis, proof, or disproof of alleged market manipulations in the wholesale electricity and natural gas markets of the United States and European Union. The paper was published this week in the Energy Law Journal.
Market manipulation enforcement and compliance issues are increasingly in the spotlight in the United States, as evidenced by the Federal Energy Regulatory Commission's (FERC's) $245 million settlement with Constellation Energy, the creation of that agency's new Division of Analytics and Surveillance, and the President's calls to greatly increase the Commodity Futures Trading Commission's (CFTC's) anti-manipulation budget and raise the civil penalty for manipulation to $10 million per incident, per day. Europe is also expanding its anti-manipulation surveillance and enforcement regimes, demonstrated by the passage of new laws (such as the REMIT) that specifically ban wholesale energy market manipulations and create agencies to monitor and enforce these new anti-manipulation provisions in the EU.
The expansion of anti-manipulation enforcement authority has raised concerns amongst energy market participants, particularly those with active trading arms. Of key concern is the lack of specificity as to the behavior to which the term "manipulation" applies. The historical precedent in the U.S. has been set by a few successful manipulation cases and settlements that identify specific types of behavior, whereas the EU's guidance is stated in examples provided in recitals to the new REMIT laws. This reliance upon examples to define manipulation, rather than a cohesive economic theory, paints an incomplete picture of the range of behavior that may be found to be manipulative and fails to provide market participants with concrete guidance as to trading "safe harbors" that are protected from enforcement scrutiny.
In their paper, Brattle economists Shaun Ledgerwood and Dan Harris compare and contrast the U.S. and EU institutions responsible for enforcing the anti-manipulation laws and determine that there is a need for a "single rulebook" appropriate for the analysis of market manipulation generally. The authors seek to address this need by proposing an economic framework that would provide uniformity to the analysis of manipulative behavior across cases, agencies, statutes, and continents. Consistent with this concept, the proposed framework could assist compliance efforts by distinguishing behavior that is patently manipulative and identifying safe harbors for legitimate trading. This would also assist surveillance and enforcement efforts by identifying the precursors of manipulative trading, such that scarce resources can be focused and coordinated within and across agencies.
"While the behavior prohibited by the U.S. and EU statutes is remarkably similar, there is in fact no common standard for defining market manipulation," said Dr. Ledgerwood. "Our proposed framework describes manipulation in a manner that could generally harmonize international compliance and enforcement efforts, providing a uniform approach that will more clearly define permissive and prohibited behavior within and across both the U.S. and EU jurisdictions."
The paper, "A Comparison of Anti-Manipulation Rules in U.S. and EU Electricity and Natural Gas Markets: A Proposal for a Common Standard," is available for download at www.brattle.com.
The Brattle Group provides consulting services and expert testimony in economics and finance to corporations, law firms, and public agencies worldwide. Areas of expertise include antitrust and competition, valuation and damages, utility regulatory policy and ratemaking, and regulation and planning in network industries. For more information, please visit www.brattle.com.
Market manipulation enforcement and compliance issues are increasingly in the spotlight in the United States, as evidenced by the Federal Energy Regulatory Commission's (FERC's) $245 million settlement with Constellation Energy, the creation of that agency's new Division of Analytics and Surveillance, and the President's calls to greatly increase the Commodity Futures Trading Commission's (CFTC's) anti-manipulation budget and raise the civil penalty for manipulation to $10 million per incident, per day. Europe is also expanding its anti-manipulation surveillance and enforcement regimes, demonstrated by the passage of new laws (such as the REMIT) that specifically ban wholesale energy market manipulations and create agencies to monitor and enforce these new anti-manipulation provisions in the EU.
The expansion of anti-manipulation enforcement authority has raised concerns amongst energy market participants, particularly those with active trading arms. Of key concern is the lack of specificity as to the behavior to which the term "manipulation" applies. The historical precedent in the U.S. has been set by a few successful manipulation cases and settlements that identify specific types of behavior, whereas the EU's guidance is stated in examples provided in recitals to the new REMIT laws. This reliance upon examples to define manipulation, rather than a cohesive economic theory, paints an incomplete picture of the range of behavior that may be found to be manipulative and fails to provide market participants with concrete guidance as to trading "safe harbors" that are protected from enforcement scrutiny.
In their paper, Brattle economists Shaun Ledgerwood and Dan Harris compare and contrast the U.S. and EU institutions responsible for enforcing the anti-manipulation laws and determine that there is a need for a "single rulebook" appropriate for the analysis of market manipulation generally. The authors seek to address this need by proposing an economic framework that would provide uniformity to the analysis of manipulative behavior across cases, agencies, statutes, and continents. Consistent with this concept, the proposed framework could assist compliance efforts by distinguishing behavior that is patently manipulative and identifying safe harbors for legitimate trading. This would also assist surveillance and enforcement efforts by identifying the precursors of manipulative trading, such that scarce resources can be focused and coordinated within and across agencies.
"While the behavior prohibited by the U.S. and EU statutes is remarkably similar, there is in fact no common standard for defining market manipulation," said Dr. Ledgerwood. "Our proposed framework describes manipulation in a manner that could generally harmonize international compliance and enforcement efforts, providing a uniform approach that will more clearly define permissive and prohibited behavior within and across both the U.S. and EU jurisdictions."
The paper, "A Comparison of Anti-Manipulation Rules in U.S. and EU Electricity and Natural Gas Markets: A Proposal for a Common Standard," is available for download at www.brattle.com.
The Brattle Group provides consulting services and expert testimony in economics and finance to corporations, law firms, and public agencies worldwide. Areas of expertise include antitrust and competition, valuation and damages, utility regulatory policy and ratemaking, and regulation and planning in network industries. For more information, please visit www.brattle.com.
Maldives President Ratifies Landmark Domestic Violence Bill
President Dr Mohamed Waheed has ratified a landmark Bill to provide protection for victims of domestic violence and punish offenders of such crimes.
The legislation - the first protection of its kind for domestic violence victims in the Maldives - ensures all acts of domestic violence will now be a criminal offence. Victims of domestic violence will be given protection and safety and necessary steps will be taken to prevent domestic violence through law enforcement and the rehabilitation of offenders.
The President has established a Family Protection Authority to implement the legislation, create awareness of domestic violence, provide mechanisms to enable victims to report abuse and provide psychological and rehabilitative services for victims and perpetrators.
To supplement this effort, the President has proposed the establishment of a new Ministry of Gender, Children and Human Rights to actively protect those who are most vulnerable in Maldivian society.
Speaking after the ratification of the bill, President Waheed said:
"I am delighted for the great privilege of ratifying the Prevention of Domestic Violence Bill. One out of every three women in the Maldives has been subject to some form of violence or abuse in her lifetime. This legislation will, for the first time, ensure that victims of domestic violence in the Maldives are protected by the law.
Saxo Bank Q2 Outlook 2012: The Great Balancing Act
A crisis has been avoided for now but policies continue to inflict harmSaxo Bank, the online trading and investment specialist, believes a reasonably positive economic momentum barring a geopolitical crisis is likely during Q2 2012. The eventual return of QE seems inevitable as central banks try to keep the crisis at bay and the compounding of policy errors failing to address the solvency problem and growing social and geo-political friction will potentially lead to an explosive outcome.To view the Multimedia News Release, please click:http://multivu.prnewswire.com/mnr/prne/saxobank/53812/According to the Bank's analysts, Europe will continue on the path of flat growth despite the Eurozone having entered recession at the tail-end of last year. However the rebound in economic growth in the US will eventually spill over into Europe, and Asia will continue to aid its growth through imports. If the recovery in the US fails to provide enough jobs momentum a return of QE some time in Q3 may be a possibility. In Asia, the critical question is China, as losses on investments continue to accumulate and eventually need to be realised.Also, Saxo Bank predicts that commodities will face a bumpy road ahead as geo-politics have intensified the unpredictable nature of oil markets. Grain prices risk rising sharply and gold is expected to consolidate during the early part of Q2. Volatility will return to the equity market in Q2 as stimulus is withdrawn and safer, dividend paying stocks will outperform. The Australian dollar is the least favourite of the major currencies with the most to lose relative to the Chinese landing and its current valuation and the Chinese Yuan could also lose steam as China's terms of trade shift and on reduced capital inflows.Steen Jakobsen, Chief Economist at Saxo Bank, comments: "The financial experiment initiated by policy makers post Lehman is now in its fourth year with very little to show for it."The world central banks are in a race to print the maximum money possible in order to weaken its currencies vis-a-vis the other struggling countries, a beggar thy neighbor premise as a solution and ultimately the market will have to start pricing in that we have seen the low in interest rates as unconventional measures disappear and get replaced by low rates and weak growth as long as the eye can see."The full Q2 2012 Outlook includes the following analyses:Please visit our Quarterly Outlook page or download the Q2 Outlook 2012 here.Saxo Bank is a leading online trading and investment specialist. A fully licensed and regulated European bank, Saxo Bank enables private investors and institutional clients to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivati
ves via three specialised and fully integrated trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application available in over 20 languages. Saxo Bank also offers professional portfolio and fund management through Saxo Asset Management who accommodates high-net worth private clients and institutional investors and provides banking services and advice to retail clients through Saxo Privatbank. The Saxo Bank Group is headquartered in Copenhagen with offices throughout Europe, Asia, Middle East, Latin America and Australia.
BACARDI Toasts 75th Anniversary Of NY Supreme Court Ruling
"Subterfuge and a fraud - If it lacks BACARDI rum, no bartender's concoction can be called a BACARDI cocktail" says Court
HAMILTON, Bermuda, April 25, 2012 /PRNewswire/ -- Flashback to 1937 during the economic upheaval of the Great Depression in the United States. Prohibition had recently ended and BACARDI became very popular. During this struggling economic environment, some unscrupulous bars and restaurants in New York City tried to take advantage of consumers by substituting BACARDI for lesser quality rums when they asked for BACARDI cocktails.
To view the multimedia assets associated with this release, please click:
http://www.multivu.com/mnr/53406-bacardi-150-anniversary-celebrates-75th-anniv-cocktail-case-consumer-right
(Photo: http://photos.prnewswire.com/prnh/20120425/MM91156 )
Standing up for the consumer's right to get what was ordered and to protect the quality of cocktails, family-owned Bacardi took legal action against some New York bars and restaurants.
Straight from the original court transcripts safeguarded in The Bacardi Archives, the case was decided by the New York Supreme Court in April of 1937?75 years ago. Bacardi attorneys called the judge's own bartender to testify and asked him what rum he used in the judge's favorite BACARDI cocktail.He answered only "BACARDI rum." Some other bartenders testified they used the handiest bottle of any rum available to make BACARDI cocktails. With that, Justice John L. Walsh, ruled: "Beyond a reasonable doubt subterfuge and a fraud is subjected on the purchaser when BACARDI rum is left out of a drink listed as a BACARDI cocktail."
The case created major news and the court milestones were reported by the New York newspapers. The decision was so significant to consumers?to make sure they receive the high quality and great tasting BACARDI cocktail they order?that Bacardi featured the ruling in a popular series of print advertising and marketing campaigns from the late 1930s through the 1950s under the theme that "Nothing Takes the Place of BACARDI." Some showed actual quotes from the certified court records and the scales of justice. One series came under the heading "It's Your Right" and juxtaposed two scenarios: on one side, a caricature of a man either singing in the shower, or bawling out the umpire, or not listening to his barber ? each his right ? and on the other side the man enjoying his BACARDI cocktail with the words: "It's your right to get a BACARDI cocktail as it should be made! It must be made with BACARDI or it isn't a BACARDI cocktail. The Supreme Court of New York has ruled so!"
"From 150 years ago to today, consumers call for BACARDI by name when ordering at a bar or restaurant to ensure they get the exceptional taste and quality created by my great-great grandfather Don Facundo Bacardi Masso and still made by the same exacting standards he established," said Facundo L. Bacardi, Chairman of Bacardi Limited.
BACARDI is one of the most frequently heard bar calls in the world as discerning consumers continue to request for BACARDI by name to ensure they receive the premium quality spirit that first inspired the classic rum cocktails.
The world's favorite and most awarded rum with nearly 500 awards; BACARDI revolutionized the spirits industry when it was first created 150 years ago. The light taste and unique balance of BACARDI rum inspired cocktail pioneers to create a new style of light, clean, crisp and refreshing cocktail recipes including the Authentic BACARDI Mojito, Original BACARDI Daiquiri and the Original BACARDI Cuba Libre?the world's most popular cocktail.
"There's a magical quality to a classic cocktail?it's the perfect mix of the perfect ingredients," added David Cordoba, Global Brand Ambassador for BACARDI Rum. "Today, everyone in the cocktail world dreams of achieving this alchemy which is why there's so much respect from bartenders for the original ingredients?like BACARDI?used by cocktail pioneers to create a classic."
"When the Bacardi family name is also the name of the business and one of the most recognized brand names in the world, protecting it is not only a matter of honor and pride, but most importantly a great responsibility to our consumers because they always come first," said Ed Shirley, Bacardi Limited President and CEO. "They know to rely on BACARDI and make sure to ask for BACARDI rum by name.Today, when you order aBACARDI Mojito or BACARDI Cuba Libre, know that the law has ruled what consumers have known all along?only BACARDI makes a BACARDI cocktail.
"To learn more about Bacardi and its pioneering heritage, visit the 150th anniversary section at www.BacardiLimited.com/150. Media can register to receive information on Bacardi 150th anniversary activities, as well as access multimedia assets at www.BacardiMediaCentre.com.
About Bacardi Limited
Bacardi Limited, the largest privately-held spirits company in the world, produces and markets internationally-recognized spirits and wines. Its brand portfolio comprises more than 200 brands and labels, including BACARDI® rum, the world's best-selling and most-awarded rum; GREY GOOSE® vodka, the world's leading super-premium vodka; DEWAR'S® Blended Scotch whisky, the top-selling blended Scotch whisky in the U.S.; BOMBAY SAPPHIRE® gin, the top-valued and fastest-growing premium gin in the world; MARTINI® vermouth and sparkling wines, the world's leading vermouth; CAZADORES® 100% blue agave tequila, the number-one premium tequila in Mexico and a top-selling premium tequila in the United States; ERISTOFF® vodka, one of the fastest-growing vodka brands in the world; and other leading and emerging brands. Founded in Santiago de Cuba on February 4, 1862, and family-owned for the past seven generations, Bacardi now employs nearly 6,000 people, manufactures its brands at 27 facilities in 16 markets on four continents, and sells in more than 150 countries. Bacardi Limited refers to the Bacardi group of companies, including Bacardi International Limited. www.BacardiLimited.com
HAMILTON, Bermuda, April 25, 2012 /PRNewswire/ -- Flashback to 1937 during the economic upheaval of the Great Depression in the United States. Prohibition had recently ended and BACARDI became very popular. During this struggling economic environment, some unscrupulous bars and restaurants in New York City tried to take advantage of consumers by substituting BACARDI for lesser quality rums when they asked for BACARDI cocktails.
To view the multimedia assets associated with this release, please click:
http://www.multivu.com/mnr/53406-bacardi-150-anniversary-celebrates-75th-anniv-cocktail-case-consumer-right
(Photo: http://photos.prnewswire.com/prnh/20120425/MM91156 )
Standing up for the consumer's right to get what was ordered and to protect the quality of cocktails, family-owned Bacardi took legal action against some New York bars and restaurants.
Straight from the original court transcripts safeguarded in The Bacardi Archives, the case was decided by the New York Supreme Court in April of 1937?75 years ago. Bacardi attorneys called the judge's own bartender to testify and asked him what rum he used in the judge's favorite BACARDI cocktail.He answered only "BACARDI rum." Some other bartenders testified they used the handiest bottle of any rum available to make BACARDI cocktails. With that, Justice John L. Walsh, ruled: "Beyond a reasonable doubt subterfuge and a fraud is subjected on the purchaser when BACARDI rum is left out of a drink listed as a BACARDI cocktail."
The case created major news and the court milestones were reported by the New York newspapers. The decision was so significant to consumers?to make sure they receive the high quality and great tasting BACARDI cocktail they order?that Bacardi featured the ruling in a popular series of print advertising and marketing campaigns from the late 1930s through the 1950s under the theme that "Nothing Takes the Place of BACARDI." Some showed actual quotes from the certified court records and the scales of justice. One series came under the heading "It's Your Right" and juxtaposed two scenarios: on one side, a caricature of a man either singing in the shower, or bawling out the umpire, or not listening to his barber ? each his right ? and on the other side the man enjoying his BACARDI cocktail with the words: "It's your right to get a BACARDI cocktail as it should be made! It must be made with BACARDI or it isn't a BACARDI cocktail. The Supreme Court of New York has ruled so!"
"From 150 years ago to today, consumers call for BACARDI by name when ordering at a bar or restaurant to ensure they get the exceptional taste and quality created by my great-great grandfather Don Facundo Bacardi Masso and still made by the same exacting standards he established," said Facundo L. Bacardi, Chairman of Bacardi Limited.
BACARDI is one of the most frequently heard bar calls in the world as discerning consumers continue to request for BACARDI by name to ensure they receive the premium quality spirit that first inspired the classic rum cocktails.
The world's favorite and most awarded rum with nearly 500 awards; BACARDI revolutionized the spirits industry when it was first created 150 years ago. The light taste and unique balance of BACARDI rum inspired cocktail pioneers to create a new style of light, clean, crisp and refreshing cocktail recipes including the Authentic BACARDI Mojito, Original BACARDI Daiquiri and the Original BACARDI Cuba Libre?the world's most popular cocktail.
"There's a magical quality to a classic cocktail?it's the perfect mix of the perfect ingredients," added David Cordoba, Global Brand Ambassador for BACARDI Rum. "Today, everyone in the cocktail world dreams of achieving this alchemy which is why there's so much respect from bartenders for the original ingredients?like BACARDI?used by cocktail pioneers to create a classic."
"When the Bacardi family name is also the name of the business and one of the most recognized brand names in the world, protecting it is not only a matter of honor and pride, but most importantly a great responsibility to our consumers because they always come first," said Ed Shirley, Bacardi Limited President and CEO. "They know to rely on BACARDI and make sure to ask for BACARDI rum by name.Today, when you order aBACARDI Mojito or BACARDI Cuba Libre, know that the law has ruled what consumers have known all along?only BACARDI makes a BACARDI cocktail.
"To learn more about Bacardi and its pioneering heritage, visit the 150th anniversary section at www.BacardiLimited.com/150. Media can register to receive information on Bacardi 150th anniversary activities, as well as access multimedia assets at www.BacardiMediaCentre.com.
About Bacardi Limited
Bacardi Limited, the largest privately-held spirits company in the world, produces and markets internationally-recognized spirits and wines. Its brand portfolio comprises more than 200 brands and labels, including BACARDI® rum, the world's best-selling and most-awarded rum; GREY GOOSE® vodka, the world's leading super-premium vodka; DEWAR'S® Blended Scotch whisky, the top-selling blended Scotch whisky in the U.S.; BOMBAY SAPPHIRE® gin, the top-valued and fastest-growing premium gin in the world; MARTINI® vermouth and sparkling wines, the world's leading vermouth; CAZADORES® 100% blue agave tequila, the number-one premium tequila in Mexico and a top-selling premium tequila in the United States; ERISTOFF® vodka, one of the fastest-growing vodka brands in the world; and other leading and emerging brands. Founded in Santiago de Cuba on February 4, 1862, and family-owned for the past seven generations, Bacardi now employs nearly 6,000 people, manufactures its brands at 27 facilities in 16 markets on four continents, and sells in more than 150 countries. Bacardi Limited refers to the Bacardi group of companies, including Bacardi International Limited. www.BacardiLimited.com
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