Corona-maker Constellation Brands is selling about 30 of its inexpensive wine brands to E. & J. Gallo Winery, maker of Barefoot Wine, in a $1.7 billion deal
The move will let the company focus on its premium brands, which perform better for the company, Bill Newlands, CEO and president of Constellation Brands, said in a statement announcing the deal on Wednesday. The company also makes Modelo beers, Svedka vodka, Kim Crawford wines and more."One of the hallmarks of our success over the years has been our ability to evolve and stay on the forefront of emerging consumer trends," he added. E. & J.
Gallo, which makes inexpensive products like André sparkling wines and Barefoot Wine, makes sense as a buyer for the lower-end brands."Gallo is acquiring a collection of great brands that complement their operational model and business strategy," Newlands said Wednesday. The maker of Barefoot Wine will acquire about 30 low-end wines from Constellation Brands. Constellation's premium business is doing well.
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