Constellation Brands Agrees to Divest SVEDKA; Continues the Reshaping of Wine & Spirits Portfolio Towards the Higher End
Constellation Brands, Inc. (STZ)
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Source: GlobeNewswire
ROCHESTER, N.Y., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Constellation Brands (NYSE: STZ), a leading beverage alcohol company, today announced that it has reached an agreement with global spirits company Sazerac, to divest its SVEDKA brand. This transaction is expected to close in the coming months. The decision builds on the company’s strategic efforts to further align the wine and spirits portfolio with evolving consumer preferences and growing market sectors, focusing on higher end wine and spirits brands and products. Over the last few years, Constellation has divested the majority of its popular and mainstream wine and spirits brands within the portfolio and is focused on competing predominantly in premium and fine wine and craft spirits segments. “The actions we have taken over the past several years to reshape our wine and spirits portfolio support our efforts to accelerate the performance of that business,” said Bill Newlands, President and Chief Executive Officer, Constella
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