Parent of Jim Beam, Maker’s Mark relocating its global headquarters
Beam Suntory, one of the world’s largest producers of distilled spirits — and one with a large Kentucky presence — is relocating its global headquarters from Chicago to New York City.
New York state’s economic development arm, Empire State Development, announced the relocation plans Tuesday.
Beam Suntory will bring 150 jobs to the city over the next five years. Its offices will be at 11 Madison Ave. in Midtown Manhattan, close to Madison Square Park.
The company’s brands include Kentucky-distilled Jim Beam, Maker’s Mark and Knob Creek bourbon, as well as Courvoisier cognac and Suntory Whisky.
“As one of the world’s greatest global cities, New York provides a unique environment to help us accelerate our premiumization strategy and growth ambitions,” said Albert Baladi, president and CEO of Beam Suntory, in a statement. “We see excellent opportunities to immerse our company and global brand building efforts more deeply in New York’s vibrant restaurant, bar and consumer environment.”
The company recently closed its Urban Stillhouse attraction in Downtown Louisville and also hired a new chief of diversity, equity and inclusion away from Louisville-based Papa John’s International Inc.
Empire State Development said it will provide the company $9.9 million in performance-based Excelsior Jobs Program tax credits over the next 10 years to support the relocation. Those credits will be directly tied to Beam Suntory’s job creation targets.
Beam Suntory had its corporate headquarters at 222 Merchandise Mart Plaza in the River North neighborhood of Chicago.
Chicago will remain the company’s largest office in the world after the headquarters relocation, as well as home to its North American business division, according to the Chicago Tribune.
The company was formed in 2014 when Japanese whisky maker Suntory acquired Beam Inc., the maker of Jim Beam and other popular brands, in a $16 billion deal. It’s a subsidiary of Suntory Holdings Limited of Japan.