Constellation Brands' Board of Directors Authorizes New $1 Billion Share Repurchase Program
(Thomson Reuters ONE) -
Achieves "Investment Grade" status with Fitch and S&P Credit Rating Agencies
VICTOR, N.Y., Nov. 21, 2016 - Constellation Brands, Inc. (NYSE: STZ and STZ.B),
a leading beverage alcohol company, announced today that its board has
authorized a new share repurchase program of up to $1 billion of the company's
common stock to be utilized over time. This new program is in addition to the
company's current $1 billion share repurchase program. The company currently
expects to execute the new $1 billion share repurchase authorization
opportunistically in the future, subject to then-current market conditions and
management's discretion.
"We are pleased with our new Investment Grade status, which has been driven by
our ability to continue to generate strong earnings and operating cash flow.
This provides us with the flexibility to be opportunistic with future share
repurchases while remaining committed to our 3.5x targeted leverage ratio," said
David Klein, executive vice president and chief financial officer, Constellation
Brands.
About Constellation Brands
Constellation Brands (NYSE: STZ and STZ.B) is a leading international producer
and marketer of beer, wine and spirits with operations in the U.S., Canada,
Mexico, New Zealand and Italy. Constellation is a Fortune 500(®) company and one
of the top performing stocks in the S&P 500 Consumer Staples Index.
Constellation is the No. 3 beer company in the U.S. with high-end, iconic
imported brands such as Corona Extra, Corona Light, Modelo Especial, Modelo
Negra and Pacifico. The company's beer portfolio also includes Ballast Point,
one of the most awarded craft brewers in the U.S. In addition, Constellation is
the world's leader in premium wine, selling great brands that people love,
including Robert Mondavi, Clos du Bois, Kim Crawford, Meiomi, Mark West,
Franciscan Estate, Ruffino and Jackson-Triggs. The company's premium spirits
brands include SVEDKA Vodka and Casa Noble Tequila.
Based in Victor, N.Y., the company believes that industry leadership involves a
commitment to brand building, our trade partners, the environment, our investors
and to consumers around the world who choose our products when celebrating big
moments or enjoying quiet ones. Founded in 1945, Constellation has grown to
become a significant player in the beverage alcohol industry with more than 100
brands in its portfolio, sales in approximately 100 countries, about 40
facilities and approximately 9,000 talented employees. We express our company
vision: to elevate life with every glass raised. To learn more, visit
www.cbrands.com.
Forward-Looking Statements
This news release contains forward-looking statements. All statements other than
statements of historical fact are forward-looking statements. These statements
may relate to business strategy, future operations, prospects, plans and
objectives of management, manner and timing of share repurchases made pursuant
to the share repurchase authorization, as well as information concerning
expected actions of third parties. All forward-looking statements involve risks
and uncertainties that could cause actual results to differ materially from
those set forth in or implied by such forward-looking statements. The forward-
looking statements are based on management's current expectations. All forward-
looking statements speak only as of the date of this news release and
Constellation Brands undertakes no obligation to update or revise any forward-
looking statements, whether as a result of new information, future events or
otherwise.
In addition to risks and uncertainties associated with ordinary business
operations, the forward-looking statements contained in this news release are
subject to other risks and uncertainties, including the exact duration of the
share repurchase implementation and the amount and timing of any additional
share repurchases and other factors and uncertainties disclosed from time-to-
time in Constellation Brands, Inc.'s filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the fiscal year ended
February 29, 2016, which could cause actual future performance to differ from
current expectations.
CONTACTS
Media
Cheryl Gossin: 585-678-7191
Amy Martin: 585-678-7141
Investor Relations
Patty Yahn-Urlaub: 585-678-7483
Bob Czudak: 585-678-7170
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Constellation Brands Inc via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 21.11.2016 - 15:00 Uhr
Sprache: Deutsch
News-ID 508338
Anzahl Zeichen: 5238
contact information:
Town:
Victor
Kategorie:
Business News
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