The Glenlivet distillery is located in the Speyside region, close to the town of Ballindalloch in the scenic Livet Glen from which it takes its name. The distillery was founded in 1824 by George Smith, whose signature still appears on the labels and packaging. It was the first distillery in the Speyside region to be granted a distilling license under the Parliamentary Excise Act, which was brought in one year earlier. Glenlivet is now one of Scotland's largest distilleries with an annual production of 10 million litres and is currently owned by Pernod Ricard, who took control in 2001. The influence of Pernod Ricard has seen The Glenlivet become the second best selling single malt in the world with over six million bottles sold each year. It is the most popular single malt in the USA, where it has been number one since the 1970s, and this market accounts for nearly 50% of all sales of The Glenlivet.