just the preview - Constellation Brands Q3
Constellation Brands to report Q3 figures
Constellation Brands will report its third-quarter results tomorrow (6 January).
Here, just-drinks takes a look at the highs and lows for the company in the three months to the end of November.
- In mid-September, the wine giant closed the divestment of its New York-based Widmer Winery in the US to L&D Acquisitions. The transaction, for an undisclosed amount, resulted in Constellation spending US$7.1m on the expansion of its Canandaigua Winery, also in the US, to accommodate the transfer of production of its brands produced at Widmer.
- When announcing its H1 results in October, the company boasted that it had grown its share of the US wine market in the period, helping offset ongoing struggles in Europe and Australia.
- Also in October, Constellation welcomed the conclusion to its legal dispute with joint-venture partner Grupo Modelo in the US. The two firms, which operate the Crown Imports beer importer in the country, came to blows when Modelo claimed in late-2009 that Constellation had failed to supply sufficient marketing funds for the JV.
- Then, right at the end of the quarter, Constellation confirmed that it had finished buying back US$300m of its own shares.
- Although the news was not announced in the three months to the end of November, Constellation's proposed divestment of its UK, South African and Australian wine businesses was the biggest story of last month. The transaction, valued at AUD290M (US$290.8m), will see private equity group CHAMP take over Constellation Wines Australia and Europe by the end of this month. The sale amount represents a bargain for CHAMP: Constellation paid AUD1.85bn to acquire Australia's BRL Hardy in early 2003.
To view Constellations Q2 and H1 results, click here.
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