US: Constellation sells Washington winery
Constellation Wines US is set to sell one of its wineries in the country.
The Constellation Brands subsidiary confirmed yesterday (26 October) that it has secured an agreement to sell Zillah winery in the Yakima Valley, Washington to Roza Hills Vineyards. Financial details surrounding the purchase, which is expected to close in February next year, were not disclosed.
The winery was acquired by Constellation as part of an acquisition of assets from Corus Brands in 2001. Since then, Constellation has leased the winery to Washington Wine & Beverage, an affiliate of Roza Hills, which operates it.
"The purchase of the Zillah winery is the natural next step for a business relationship that has been mutually beneficial to both Washington Wine & Beverage and Constellation Wines US," said Sal Leone, president and CEO of Washington Wine & Beverage Company.
"Our Roza Hills operations will benefit from this investment as we make further commitments to the continuing success of our Yakima Valley wines. The acquisition of this property now allows us to control the growth of our grapes and the production of Silver Lake wines together on one site."
Earlier this month, Constellation Brands posted an 18% fall in second-quarter net profit to US$68m due to restructuring charges from its acquisition of Vincor International earlier this year.
Operating profit was up 4% to US$181m as net sales rose 19% to US$1.4bn. The slide led Constellation to cut its full-year earnings guidance from US$1.72-1.80 to $1.72-1.76.
Constellation Europe's Stowells wine brand has been revamped in the UK....
Constellation Brands has announced a change in its investor relations department....
Constellation Brands has sold half of its Matthew Clark wholesale business in the UK....
Constellation Europe has lined up a promotional push for its Kumala wine brand in and around London in the UK....
The board of directors at Constellation Brands has been extended from seven to eight seats....
Constellation Brands has posted an increase in full-year earnings as rising wine sales in North America and a first contribution from its Vincor International business offset challenges in the UK. The...
Centerra Wines Co. has launched a line extension to its Arbor Mist range....
Sweden's Finance Ministry has confirmed that an official close to the planned privatisation of V&S Group has resigned....
- Analysis - SABMiller to add bolt-ons in Africa?
- A-B InBev's Move on Tennent's Super Makes Sense
- India: Everyone's Favourite Spirits Market
- Brand Diversification Driving Craft Brewery Growth
- Analysis - Stock Spirits: Poland's number one
- Diageo scraps Arthur's Day, but singer left sad
- PepsiCo CEO sees "profound" change in US consumers
- William Grant sinks GBP185,000 into "No" camp
- SodaStream silent on John Lewis pullout in UK
- William Grant & Sons boosts Travel Retail team