Trinidad once boasted more than fifty distilleries but by 1950 that number had fallen to eight, and today only the Angostura Distillery remains. Caroni was established in 1923 on the site of the old Caroni Sugar factory and its fate was sealed in 2001 when, despite protests, the Trinidad Government sold a 49% holding in Rum Distillers Limited (Caroni's Rum Division) to Angostura for $35 million. Caroni continued to operate until it was finally closed in 2002. The demise of the Trinidadian sugar cane industry means that the distillery’s which survive on the island are now forced to import their molasses, chiefly from Guyana.
Caroni was noted for its heavy rum which it supplied to the British Navy.