CANADA: Andres Wines to hold name change vote
Shareholders of Canada's Andres Wines will vote next month on a change to the company's name.
The wine produce will hold a meeting on 20 September to decide on changing its name to Andrew Peller Ltd, it said yesterday (8 August).
The company's board believes the name change will help launch a new brand identity at Andres Wines and integrate its recent acquisitions into the business.
The Ontario-based producer also said yesterday that it saw the acquisitions of Cascadia Brands, Thirty Bench Winery and Red Rooster Winery drive a rise in first-quarter earnings and sales. Net earnings for the three months to 30 June were up 20% to C$2.4m (US$2.1m). Sales for the first quarter of fiscal 2007 rose 17.7% to C$55.1m.
President and CEO John Peller said: "The positive benefits of our recent acquisitions, combined with our solid organic growth, should continue to generate strong increases in sales through the balance of the year."
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