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Stock impact report

MGP ingredients halts production at two US distilleries [Yahoo! Finance]

MGP Ingredients, Inc. (MGPI) 
Last mgp ingredients, inc. earnings: 4/30 07:30 am Check Earnings Report
US:NASDAQ Investor Relations: ir.mgpingredients.com
Company Research Source: Yahoo! Finance
In a statement yesterday (7 March), the company said the “temporary idling” will take effect on 1 May at Limestone Branch Distillery in Lebanon and Lux Row Distillers in Bardstown. It said the move was being made as it "adjusts production levels to align with its current inventory levels". However, MGP will continue distilling at its largest site in Lawrenceburg, Indiana. The Limestone Branch location produces brands such as Yellowstone Select Bourbon and Minor Case rhye whiskey while the Lux Row site produces brands including Ezra Brooks Bourbon and Daviess County Bourbon. The move will affect 33 employees across the two facilities. MGP said it is working directly with affected staff “to support them through the transition”. MGP Ingredients president and CEO Julie Francis said: “The American whiskey market continues to be structurally oversupplied, with excess capacity and elevated inventory. “Like many companies across the industry, we are navigating a challenging envir Show less Read more
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