Constellation Brands Evolves Spirits Portfolio
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US:NYSE Investor Relations: cbrands.com/investors
Signs agreement with Heaven Hill Brands to divest Black Velvet Canadian WhiskyDecision aligns with wine and spirits business transformation strategy VICTOR, N.Y., Aug. 12, 2019 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, announced today that it has signed an agreement with Heaven Hill Brands to divest Black Velvet Canadian Whisky and the brand's associated production facility in Lethbridge, Alberta, Canada, along with a subset of Canadian whisky brands produced at that facility. The company expects to receive cash proceeds of approximately $266 million USD, subject to closing adjustments. This transaction is subject to regulatory approvals and is expected to close in the second half of calendar 2019. “We are relentlessly focused on the consumer and building a portfolio of brands consumers love today, while pushing beyond to meet their evolving needs well into the future," said Bill Newlands, Constellation Brands preside
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