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. 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 the timetable contemplated hereby. 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. 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. The word “expect” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All statements other than statements of historical fact are forward-looking statements. This news release contains forward-looking statements. A live, listen-only webcast of the conference call will be available on the company’s investor relations website at ir. under the News & Events section. The conference call can be accessed by dialing +1-87 and entering conference identification number 13732540, beginning at 10:20 a.m. In turn, The Wine Group is acquiring great brands that complement its current strategy of continuing to build a premium wine portfolio.”Ĭonstellation’s 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, My Favorite Neighbor portfolio of brands, Lingua Franca, Nelson’s Green Brier and others.Īdditional commentary related to this transaction will be provided during Constellation’s second quarter fiscal 2023 financial results conference call to be held today, Thursday, October 6, 2022, at 10:30 a.m. 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. “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.
COOPER THIEF DRIVER
“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. 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. This decision builds on the company’s efforts to establish a bold and innovative, higher-end wine and spirits portfolio with distinctive brands and products, delivering exceptional consumer experiences. This transaction is expected to close later today. (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. 06, 2022 (GLOBE NEWSWIRE) - Constellation Brands, Inc.
Company to Divest a Portion of its Mainstream and Premium Wine Brands to The Wine Group
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