Constellation Brands Completes Series of Transactions to Premiumize Portfolio With Sale of Paul Masson Grande Amber Brandy to...
January 12 2021 - 4:30PM
Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading
beverage alcohol company, announced today that it has closed its
sale of the Paul Masson Grande Amber Brandy brand, related
inventory, and interests in certain contracts to Sazerac for
approximately $265 million, subject to certain post-closing
adjustments.
“The closure of this sale concludes a series of
transactions within our wine and spirits business designed to help
accelerate revenue growth and operating margin performance by
advancing our vision of building a winning portfolio of
distinctive, higher-end brands,” said Bill Newlands, Constellation
Brands’ president and chief executive officer. “With these
transactions now behind us, our team can more fully concentrate our
resources and focus behind a smaller set of more premium brands
that better align with consumer premiumization trends.”
On Tuesday, Jan. 5, 2021, Constellation announced
it had closed transactions with E. & J. Gallo Winery and
Vie-Del Company. Constellation divested a portion of its wine and
spirits portfolio principally priced at $11 retail and below,
including certain related facilities, and its Nobilo wine brand to
Gallo. Constellation also divested certain brands used in its grape
juice concentrate business, together with related inventory,
interests in certain contracts, and liabilities to Vie-Del
Company.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking
statements. All statements other than statements of historical fact
are forward-looking statements. The word “expect” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. These statements may relate to business
strategy, future operations, future revenue growth, future
operating margin performance, prospects, plans, and objectives of
management, as well as information concerning expected actions of
third parties. All forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those set forth in, or implied by, such forward-looking
statements.
The forward-looking statements are based on
management's current expectations and should not be construed in
any manner as a guarantee that such results will in fact occur or
will occur on any contemplated timetable. All forward-looking
statements speak only as of the date of this news release and
Constellation Brands undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
In addition to risks and uncertainties associated
with ordinary business operations, the forward-looking statements
contained in this news release are subject to other risks and
uncertainties, including actual post-closing adjustments; the
accuracy of all projections; and other factors and uncertainties
disclosed from time-to-time in Constellation Brands’ filings with
the Securities and Exchange Commission, including its Annual Report
on Form 10-K for the fiscal year ended February 29, 2020, which
could cause actual future performance to differ from current
expectations.
ABOUT CONSTELLATION BRANDS
At Constellation Brands (NYSE: STZ and STZ.B), our
mission is to build brands that people love because we believe
sharing a toast, unwinding after a day, celebrating milestones, and
helping people connect, are Worth Reaching For. It’s worth our
dedication, hard work, and the bold calculated risks we take to
deliver more for our consumers, trade partners, shareholders, and
communities in which we live and work. It’s what has made us one of
the fastest-growing large CPG companies in the U.S. at retail, and
it drives our pursuit to deliver what’s next.
Today, we are a leading international producer and
marketer of beer, wine, and spirits with operations in the U.S.,
Mexico, New Zealand, and Italy. Every day, people reach for our
high-end, iconic imported beer brands such as Corona Extra, Corona
Light, Corona Premier, Modelo Especial, Modelo Negra, and Pacifico,
and our high-quality premium wine and spirits brands, including the
Robert Mondavi Brand Family, Kim Crawford, Meiomi, The Prisoner
Brand Family, SVEDKA Vodka, Casa Noble Tequila, and High West
Whiskey.
But we won’t stop here. Our visionary leadership
team and passionate employees from barrel room to boardroom are
reaching for the next level, to explore the boundaries of the
beverage alcohol industry and beyond. Join us in discovering what’s
Worth Reaching For.
To learn more, follow us on Twitter
@cbrands and visit www.cbrands.com.
MEDIA CONTACTS |
INVESTOR RELATIONS CONTACTS |
Mike McGrew 773-251-4934 /
michael.mcgrew@cbrands.comAmy Martin 585-678-7141 /
amy.martin@cbrands.com |
Patty Yahn-Urlaub 585-678-7483 /
patty.yahn-urlaub@cbrands.comMarisa Pepelea 312-741-2316 /
marisa.pepelea@cbrands.com |
A downloadable PDF copy of this news release can be found
here: http://ml.globenewswire.com/Resource/Download/318ce3a5-526c-49c7-9cf8-f571e3fc3b44
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