NEW YORK—Reuters is reporting that Diageo, generally recognized to be the world’s largest spirits maker, and a long-time FTA member brand owner, has unveiled a plan to cut $500 million in costs and make substantial asset disposals by 2028.

It is believed the move is focused on enhancing performance and reducing debt at the maker of Johnnie Walker whisky and Guinness beer.

Diageo’s CFO Nik Jhangiani told investors, “We see some opportunities for substantial changes versus portfolio trimming. It’s clearly going to be above and beyond the usual smaller brand disposals you’ve seen over the last three years.”

CEO Debra Crew advised reporters that “nothing has changed” with regard to well-performing beer label Guinness, which Diageo insisted is not for sale.

The cost cuts will help Diageo deliver about $3 billion free cash flow per annum from fiscal 2026 on, the company said. It also revised down its expected hit from US tariffs as the threat of levies on Mexico and Canada receded.