After Finlandia sale, Brown-Forman commits more than $22M to charity

March 4, 2024 – Brown-Forman Corp. (NYSE: BFB) announced a commitment of $22.5 million to support the efforts of the Brown-Forman Foundation and Dendrifund on Friday.

The commitment will be funded from a portion of the proceeds from the company’s recent sale of Finlandia vodka, according to a news release. As Louisville Business First previously reported, the vodka brand was sold to Coca-Cola HBC for $220 million in November 2023.

“This planned contribution supports the Brown-Forman Foundation’s vision of transformative community impact and Dendrifund’s collaborations to renew wood, water, and grain ecosystems,” said Lawson Whiting, president and CEO of Brown‑Forman, in the release. “The funding will strengthen these two organizations, enabling them to further their important and impactful work alongside their many partners.”

The Brown-Forman Foundation will receive a $20 million donation. The foundation partners with organizations focused on three key areas: promoting responsible and sustainable living, ensuring essential living standards and enriching arts and cultural experiences in Brown-Forman’s hometown of Louisville, the release said.

Additionally, the Dendrifund, a nonprofit sustainability seed fund jointly created by Brown-Forman and the Brown family, will receive a $2.5 million donation.

Dendrifund serves as a catalyst for collaborative efforts aimed at advancing sustainability within the whiskey industry, the release said. This contribution will empower Dendrifund to progress its mission, focusing on crucial natural resources essential for whiskey distillation and aging: grains, water and wood.

Brown-Forman’s commitment to the Brown-Forman Foundation continues the company’s legacy of philanthropy and community engagement. Likewise, the ongoing support of Dendrifund underscores the importance the company places on sustainability and innovation within the spirits industry, the release continued.

Brown-Forman is one of Louisville’s largest publicly traded companies with $671 million in gross profits during its second quarter ending Oct. 31, 2023. That’s up 9% from the same period in 2022.

It will report its third quarter earnings of fiscal year 2024 on March 6.