WASHINGTON (dpa-AFX) - Constellation Brands, Inc. (STZ) has signed an agreement with Sazerac Company, to divest the Paul Masson Grande Amber Brandy brand, related inventory and interests in certain contracts for approximately $255 million. Separately, the company has agreed with E. & J. Gallo Winery to divest its Nobilo Wine brand and certain related assets and liabilities for $130 million.
'These agreements represent another step forward in our efforts to transform our wine and spirits business,' said Bill Newlands, president and chief executive officer at Constellation Brands.
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