Corona maker Constellation looking to offload some wine brands

(Reuters) - Corona maker Constellation Brands Inc said on Wednesday it was looking to sell some of its lower-end wine brands, as it concentrates on the more profitable high-end segment. 'Everything that's not a power brand, you can assume that we're either going to sell it, discontinue it or milk it very quickly over the next year or so,' Chief Financial Officer David Klein said at CAGNY, a major food and consumer products event in Boca Raton, Florida. Reuters reported in October that Constellation was looking to sell some of its U.S.-based wine brands, in a deal that could be worth more than $3 billion.

Reuters February 21, 2019 03:05:51 IST
Corona maker Constellation looking to offload some wine brands

Corona maker Constellation looking to offload some wine brands

(Reuters) - Corona maker Constellation Brands Inc said on Wednesday it was looking to sell some of its lower-end wine brands, as it concentrates on the more profitable high-end segment.

"Everything that's not a power brand, you can assume that we're either going to sell it, discontinue it or milk it very quickly over the next year or so," Chief Financial Officer David Klein said at CAGNY, a major food and consumer products event in Boca Raton, Florida.

Reuters reported in October that Constellation was looking to sell some of its U.S.-based wine brands, in a deal that could be worth more than $3 billion.

The company also said on Wednesday it expects its earnings per share to rise at a rate of 10 percent over the next three years.

(Reporting by Uday Sampath in Bengaluru; Editing by Shounak Dasgupta)

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