Bacardi rum giant cancels fair amid economic woes

Rum giant Bacardi Ltd. is canceling a popular annual artisans' fair at its Puerto Rico distillery due to the global recession.

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The Bacardi Artisans' Fair had been held each December at the company's plant in Catano, across the bay from San Juan — and had grown to become the largest festival of its type in the Caribbean over the past 33 years. It cost roughly $500,000.

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Joaquin Bacardi, head of the Bermuda-based rum empire, told the newspaper El Nuevo Dia that the decision was made after evaluating the company's "great challenges" due to the ongoing economic slowdown.

Bacardi is a family-owned spirits conglomerate founded in Santiago, Cuba, in 1862. All of its rums are made in Puerto Rico.