Constellation Brands, Inc.
Company to Divest a Portion of its Mainstream and Premium Wine Brands to The Wine Group
VICTOR, N.Y. and SAN FRANCISCO, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, announced today that it has reached an agreement with The Wine Group to divest a portion of its mainstream and premium wine portfolio, including Cooper & Thief, Crafters Union, The Dreaming Tree, Monkey Bay, 7 Moons, and Charles Smith Wines. This transaction is expected to close later today.
This decision builds on the companys efforts to establish a bold and innovative, higher-end wine and spirits portfolio with distinctive brands and products, delivering exceptional consumer experiences. Constellation divested the majority of its popular and mainstream wine and spirits portfolio in 2021 and is focused on competing predominantly in premium and fine wine and craft spirits segments, while continuing to invest in the growth of its remaining strategic mainstream wine and spirits assets.
A key driver of our success has been our relentless focus on consumer preferences, including long-term consumer-led premiumization trends, and remaining agile in our approach to stay ahead of evolving marketplace dynamics, said Robert Hanson, EVP & President, wine and spirits division. Over the past three years, we reshaped ourselves into a higher-end wine and spirits division with intentional, strategic mainstream plays and are moving our business towards becoming a leading global Premium/Fine Wine & Craft Spirits portfolio. This transaction will enable us to focus and shift our portfolio towards the higher end, positioning ourselves to continue delivering industry-leading growth and shareholder value with the right portfolio for our ambitions. In turn, The Wine Group is acquiring great brands that complement its current strategy of continuing to build a premium wine portfolio.
Constellations remaining wine and spirits portfolio contains a more focused set of leading, powerful brands aligned with consumer preferences, spanning mainstream, premium, fine wine and craft spirits segments, including Meiomi, Kim Crawford, The Prisoner Wine Company, The Robert Mondavi family of brands, High West Whiskey, Casa Noble Tequila, Schrader Cellars, Double Diamond, To Kalon Vineyard Company, SIMI, MyFavorite Neighbor portfolio of brands, Lingua Franca, Nelsons Green Brier and others.
Story continues
Additional commentary related to this transaction will be provided during Constellations second quarter fiscal 2023 financial results conference call to be held today, Thursday, October 6, 2022, at 10:30 a.m. EDT. The conference call can be accessed by dialing +1-877-407-9121 and entering conference identification number 13732540, beginning at 10:20 a.m. EDT. A live, listen-only webcast of the conference call will be available on the companys investor relations website at ir.cbrands.com under the News & Events section.
FORWARD-LOOKING STATEMENTSThis 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, prospects and 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 managements current expectations and should not be construed in any manner as a guarantee that such results will in fact occur or will occur on the timetable contemplated hereby. No assurances can be given that the transaction between Constellation Brands and The Wine Group will occur or will occur on the contemplated terms or 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 completion of the announced transaction; 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 28, 2022, its Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2022, and its Registration Statement on Form S-4, as amended from time to time, which could cause actual future performance to differ from current expectations.
ABOUT CONSTELLATION BRANDSAt 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. Its 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. Its 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 whats 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 fine wine and craft spirits brands, including The Prisoner Wine Company, Robert Mondavi Winery, Casa Noble Tequila, and High West Whiskey, and our premium wine brands such as Meiomi and Kim Crawford.
But we wont 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 whats Worth Reaching For.
To learn more, visit http://www.cbrands.comand follow us on Twitter, Instagram, and LinkedIn.
A downloadable PDF copy of this news release can be found herehttp://ml.globenewswire.com/Resource/Download/2ed66a87-7699-4327-be76-8377195af892
Go here to see the original:
- Intentional Community and Capitalism - Shareable - April 10th, 2024 [April 10th, 2024]
- How alternative communities have evolved from pacifist communes to a solution to the ageing population - The Conversation - March 12th, 2024 [March 12th, 2024]
- Georgia Power Announced T. Dallas Smith named to Georgia ... - All On Georgia - November 18th, 2023 [November 18th, 2023]
- CSRWire - Thought Leaders Gather for Critical Community ... - CSRwire.com - November 18th, 2023 [November 18th, 2023]
- EPA centers diversity with first-ever environmental youth advisory council - Yahoo News - November 18th, 2023 [November 18th, 2023]
- Rigor, Relevance, & Reality: Education Collaboratory at Yale ... - Yale School of Medicine - November 18th, 2023 [November 18th, 2023]
- Gaza: UN experts call on international community to prevent ... - ReliefWeb - November 18th, 2023 [November 18th, 2023]
- Fathering Together Announces Acquisition of City Dads Group - PR Web - November 18th, 2023 [November 18th, 2023]
- Company to pay over $50 million in largest environmental lawsuit settlement in D.C. history: Health risks to the public - Yahoo News - November 18th, 2023 [November 18th, 2023]
- Student death is now part of the routine at Middlebury - The Middlebury Campus - November 18th, 2023 [November 18th, 2023]
- We welcomed an abandoned dog into our family. But dog dumping ... - Kansas Reflector - November 18th, 2023 [November 18th, 2023]
- The National Climate Assessment Goes Woke - Dallasweekly - November 18th, 2023 [November 18th, 2023]
- A Conversation about History, Race and the Meaning of True ... - Philanthropy Roundtable - November 18th, 2023 [November 18th, 2023]
- The color of community | WORLD - WORLD News Group - November 18th, 2023 [November 18th, 2023]
- Kindness has good benefits | News, Sports, Jobs - The Review - November 18th, 2023 [November 18th, 2023]
- Georgia Power Foundation awards grant for BIG Edge ... - Georgia Southern University Newsroom - November 18th, 2023 [November 18th, 2023]
- "Chilling": Maryland lawmakers threaten to cut aid to immigrants ... - Salon - November 18th, 2023 [November 18th, 2023]
- Three water options come with high cost | News, Sports, Jobs - Evening Observer - November 18th, 2023 [November 18th, 2023]
- Welcome to the Team, Kintan! | Office of Immigrant Affairs - Philadelphia Water Department - July 11th, 2023 [July 11th, 2023]
- Fannie Mae Recognized for Its DEI Efforts - DSNews.com - July 11th, 2023 [July 11th, 2023]
- Fannie Mae Named 'Best Place to Work for Disability Inclusion' and ... - Fannie Mae - July 11th, 2023 [July 11th, 2023]
- Focused on progress - Weekly Challenger - July 11th, 2023 [July 11th, 2023]
- Good Ancestors and Messengers of Hope - Digital Journal - July 11th, 2023 [July 11th, 2023]
- 'Make it intentional': 3-N-1 Trinity Services helps young ... - Longview News-Journal - July 11th, 2023 [July 11th, 2023]
- 'Latinistas' is the World's First All-Latina Fashion Doll Line - hiplatina.com - July 11th, 2023 [July 11th, 2023]
- CSU Releases Findings of Three-Year Research Study on NAVA'S ... - InvestorsObserver - July 11th, 2023 [July 11th, 2023]
- Press Ganey's Physician of the Year on a cardiology 'game changer ... - Becker's Hospital Review - July 11th, 2023 [July 11th, 2023]
- City Officials Join Summer Campers and Local Artists to Kick Off ... - Philadelphia Water Department - July 11th, 2023 [July 11th, 2023]
- Merrill and Linda Hutchinson on Communication for a Summer of ... - Digital Journal - July 11th, 2023 [July 11th, 2023]
- Feathers installed as Rotary District Governor | News, Sports, Jobs - The Inter-Mountain - July 11th, 2023 [July 11th, 2023]
- Theatre at St. Luke's: All Shook Up to The Little Mermaid - Orlando Sentinel - July 11th, 2023 [July 11th, 2023]
- Culture wars rage on, forcing marketers to decide whether to ... - Marketing Dive - July 11th, 2023 [July 11th, 2023]
- Some thoughts on governance of the local variety - Resilience - July 6th, 2023 [July 6th, 2023]
- 988 is saving lives, but more awareness and support needed - Alton Telegraph - July 6th, 2023 [July 6th, 2023]
- The Limitations of Eco-Anxiety | Atmos - Atmos Magazine - July 6th, 2023 [July 6th, 2023]
- Welcome Back: How JAPER Becomes Real for the People in Brazil ... - Just Security - July 6th, 2023 [July 6th, 2023]
- Now Is the Time to Go All In on Heat Pumps - Rocky Mountain Institute - July 6th, 2023 [July 6th, 2023]
- Tennessee Department of Transportation (TDOT) celebrates 40th ... - Elizabethton.com - July 6th, 2023 [July 6th, 2023]
- Discrimination or bureaucracy? A Jewish community in Germany ... - The Jerusalem Post - July 6th, 2023 [July 6th, 2023]
- AAP Rules And Guidelines For How To Keep Kids Safe From Cars - Fatherly - July 6th, 2023 [July 6th, 2023]
- Pine County Sheriff's Report and Jail Roster | Communities ... - Pine City Pioneer - July 6th, 2023 [July 6th, 2023]
- Is a Hanan Ben Ari concert the solution for Jewish divisions? - opinion - The Jerusalem Post - July 6th, 2023 [July 6th, 2023]
- What the LGBT wedding website Supreme Court ruling means for ... - The Atlanta Journal Constitution - July 6th, 2023 [July 6th, 2023]
- Out at CHM hosts its first 2023 event - Windy City Times - July 6th, 2023 [July 6th, 2023]
- 'The time is now': Longtime friends launch support organization for ... - The Lawrence Times - July 6th, 2023 [July 6th, 2023]
- La Vergne Receives Municipal League Award for Excellence in Fire ... - rutherfordsource.com - July 6th, 2023 [July 6th, 2023]
- UW System offers status update on its five-year strategic plan (day 1 ... - University of Wisconsin System - July 6th, 2023 [July 6th, 2023]
- Hawaii Native Krystal Ka'ai Tackles Equity And Anti-Asian Hate For ... - Honolulu Civil Beat - July 6th, 2023 [July 6th, 2023]
- News & events / News - Diocese of York - July 6th, 2023 [July 6th, 2023]
- Businesses that address social or environmental problems often ... - The Conversation - July 6th, 2023 [July 6th, 2023]
- EFOC: Is This Happening To Me Because I'm Black? Combating ... - Essence - July 6th, 2023 [July 6th, 2023]
- Stations Telling Diverse Stories With Sponsored Segments from ... - Next TV - July 6th, 2023 [July 6th, 2023]
- Ex-Prisoners Face Headwinds as Job Seekers, Even as Openings ... - The New York Times - July 6th, 2023 [July 6th, 2023]
- Bungie weighs in on the current argument raging through the ... - PC Gamer - July 6th, 2023 [July 6th, 2023]
- Myanmar: Dire humanitarian and human rights situation ... - OHCHR - June 30th, 2023 [June 30th, 2023]
- Invest in our public schools - EdNC - June 30th, 2023 [June 30th, 2023]
- N.Y. stands up for LGBTQ equality: Having Pride 12 months a year - New York Daily News - June 30th, 2023 [June 30th, 2023]
- NASCAR, Bubba Wallace bring 'Bubba's Block Party' to Chicago - Daytona Times - June 30th, 2023 [June 30th, 2023]
- Fifth Third's 2022 Sustainability Report Shares Progress on Priorities ... - InvestorsObserver - June 30th, 2023 [June 30th, 2023]
- Top LGBTQ+ Financial Influencers to Learn from in 2023 - Investopedia - June 30th, 2023 [June 30th, 2023]
- 'Retirement is so traditional,' try periodic retirement to figure out ... - Morningstar - June 30th, 2023 [June 30th, 2023]
- Crisis of missing and murdered Indigenous people brings federal ... - New Mexico In Depth - June 30th, 2023 [June 30th, 2023]
- The Astounding Power of Intentional Productivity (And How You Can ... - The Good Men Project - June 30th, 2023 [June 30th, 2023]
- What SCOTUS ruling on affirmative action means for UL schools - Louisiana Radio Network - June 30th, 2023 [June 30th, 2023]
- Community managers find the path for developers and players to ... - VentureBeat - June 30th, 2023 [June 30th, 2023]
- The EPA was ready to clean up 'Cancer Alley.' Then it backed off. - Grist - June 30th, 2023 [June 30th, 2023]
- What Bidenomics Means for Workers and Families - UpNorthNews - June 30th, 2023 [June 30th, 2023]
- The vital link between a healthy press and our republic - The Fulcrum - June 30th, 2023 [June 30th, 2023]
- Death, Drag, and Decadence shows off the queer joy of DnD - Wargamer - June 30th, 2023 [June 30th, 2023]
- Israeli Expats in the U.S.: 'I Speak English, but I Don't Speak American' - Tablet Magazine - June 30th, 2023 [June 30th, 2023]
- NTSB hearings end with talks on tanker conditions, fire's aftermath - Marietta Times - June 30th, 2023 [June 30th, 2023]
- Can 'Friendship Clubs' Cure the Loneliness Created by Remote Work? - The San Francisco Standard - June 4th, 2023 [June 4th, 2023]
- 'Men in Blazers' Podcast Comes to Higher Ground to Talk Vermont ... - Seven Days - June 4th, 2023 [June 4th, 2023]
- Mindfulness, breathwork expert preaches value of slow living to Black and brown communities - Yahoo News - June 4th, 2023 [June 4th, 2023]
- Idaho's physician shortage is here. Here's what we can do about it. - Idaho Capital Sun - June 4th, 2023 [June 4th, 2023]
- Awards Ceremony Shines Spotlight on Caltech's Trailblazers in ... - Caltech - June 4th, 2023 [June 4th, 2023]
- The African American Museum of Iowa Announces Juneteenth ... - River Cities Reader - June 4th, 2023 [June 4th, 2023]
- US Supreme Court Rules Against Striking Drivers Who Abandoned ... - Engineering News-Record - June 4th, 2023 [June 4th, 2023]
- The Future of the Thomaston Green is Green (or should be) - PenBayPilot.com - June 4th, 2023 [June 4th, 2023]
- The Elephant in the Ethernet Port - City Journal - June 4th, 2023 [June 4th, 2023]