A Look Back at 2008
There is no denying that 2008 was a pivotal year for the wine and spirits industry and full of instances that no one (at least us) could have predicted. Here’s a quick look at some of the major changes that went down in no particular order.
1. Pernod Ricard acquires Absolut, sells Cruzan Rum to Fortune Brands
2. Wine industry legend Robert Mondavi dies
3. Southern and Glazer’s finally form a joint venture
4. Foster’s ceo Trevor O’Hoy surprises industry by stepping down, and rumors of big changes at Foster’s abound
5. Constellation offloads 7 wine brands to start up Ascentia Wine Estates, run by former Beam Wine Estates coo Jim Debonis and backed by W.J. Deutsch and private equity firm GESD.
6. Bacardi purchases unspecified stake in Patron
7. Diageo purchases 50% stake in Ketel One for $900 million
8. William Grant gains U.S. distribution of Stoli
9. Consumers start showing signs of trading down
10. Domestic wine and spirits brands begin growing at a faster rate than imports
11. Southern Wine & Spirits enters Texas
12. Patrick Ricard hands over ceo position to Pierre Pringuet
13. Tom Flocco leaves ceo post at Beam Global
14. Fortune’s Norm Wesley retires, replaced by Bruce Carbonari
This year we’re making predictions for 2009, but we need a little help from our friends. What kind of changes and/or deals do you expect to take place? Send us your thoughts at megan@beernet.com. All names and companies will remain anonymous.
CLOS DU VAL WINERY GAINS NEW CHIEF
Industry vet Dick Maher has assumed the role of interim president and ceo of Clos du Val Winery in the Stags Leap district. Clos du Val is the flagship estate of Goelet Wine Estates, which also owns wineries in France and Victoria and Tasmania, Australia. Recall that Dick is a long-time board member of GWE.
In addition to founding Maher & Associates, a consulting company, Dick has served as president of Beringer Vineyards, the Seagram Wine Company, Christian Brothers Winery and Heublein Fine Wines (Beaulieu Vineyards, Inglenook, Christian Brothers, Gustave Niebaum, Quail Ridge, and Rutherford Estates). He is a past chairman of the California Wine Institute and was president of the Napa Valley Vintners Association and chairman of the Napa Valley Wine Auction in 1989.
Meanwhile, another industry vet, John Moreau, has been named vp of sales for Goelet Wine Estates Americas. Most recently, he served as senior vice president of sales for Remy Cointreau USA.
Mary Ann Vangrin has been named director of public relations for Clos du Val Winery and Goelet Wine Estates. She has managed public relations and corporate communications for notable brands including Robert Mondavi Winery, Sutter Home Winery/Trinchero Family Estates and Domaine Chandon.
ALTRIA COMPLETES ACQUISITION OF UST
The world’s largest tobacco company, Altria, announced today it has completed the $11.7 billion acquisition of smokeless tobacco company UST. Altria is assuming of approximately $1.3 billion of debt. Shareholders of UST common stock are entitled to receive $69.50 per share in cash for each share of common stock held as of today (January 6). It still remains to be seen if Altria will hold on to Ste. Michelle or sell it to the highest bidder. True, the company needs to pay down debt, but Ste. Michelle could be a valuable asset. Stay tuned…
WSD BRIEF:
BEAM GLOBAL IS RE-LAUNCHING SAUZA’S super-premium Tres Generaciones tequila along with new packaging and an emphasis on triple-distilled tequila, the company said today. The new packaging is available this month. The 750ml bottle has a suggested retail price of $45.99 for Plata, $47.99 for Reposado and $49.99 for Añejo, which varies by market. According to IRI, tequila priced above $30 rose 11.2% in dollar sales and 13.6% in volume in the four weeks to November 2, 2008.
STZ EXPECTED TO BENEFIT FROM STABILIZED MARKET. Morgan Stanley expects Constellation to be in-line with its full year guidance because “wine trends in the U.S. have stabilized, albeit at a lower level of growth” over the last several months. Analysts at the firm estimate that industry volume growth has slowed by ~200bps from the 3-4% historical growth rate and the long term trade-up trend reversed during the quarter with a shift to lower priced wines. At the same time, Morgan Stanley reported that beer trends have yet to pick-up. We’ll be covering Constellation’s third quarter results tomorrow, so stay tuned…
Until tomorrow, Megan
“Give me the splendid silent sun with all his beams full-dazzling.”
Walt Whitman
--------- Sell Day Calendar ----------
Today's Sell Day: 3
Sell days this month: 21
Sell days this month last year: 22
This month ends on a: Fri
This month last year ended on a: Thurs
YTD sell days Over/Under: 0
BEER SUMMIT 2009 - The Four Seasons, Austin, Texas - Join us for great speakers, intelligent discourse, good food, and of course great beer at the next Beer Summit on March 1 - 2, 2009. Click here: http://tinyurl.com/beersummit
WINE & SPIRITS DAILY
Subscribe or check back issues at: www.winespiritsdaily.com
Send news and comments in confidence to: megan@winespiritsdaily.com
© 2008 Wine & Spirits Daily, all rights reserved. May quote with attribution.
1. Pernod Ricard acquires Absolut, sells Cruzan Rum to Fortune Brands
2. Wine industry legend Robert Mondavi dies
3. Southern and Glazer’s finally form a joint venture
4. Foster’s ceo Trevor O’Hoy surprises industry by stepping down, and rumors of big changes at Foster’s abound
5. Constellation offloads 7 wine brands to start up Ascentia Wine Estates, run by former Beam Wine Estates coo Jim Debonis and backed by W.J. Deutsch and private equity firm GESD.
6. Bacardi purchases unspecified stake in Patron
7. Diageo purchases 50% stake in Ketel One for $900 million
8. William Grant gains U.S. distribution of Stoli
9. Consumers start showing signs of trading down
10. Domestic wine and spirits brands begin growing at a faster rate than imports
11. Southern Wine & Spirits enters Texas
12. Patrick Ricard hands over ceo position to Pierre Pringuet
13. Tom Flocco leaves ceo post at Beam Global
14. Fortune’s Norm Wesley retires, replaced by Bruce Carbonari
This year we’re making predictions for 2009, but we need a little help from our friends. What kind of changes and/or deals do you expect to take place? Send us your thoughts at megan@beernet.com. All names and companies will remain anonymous.
CLOS DU VAL WINERY GAINS NEW CHIEF
Industry vet Dick Maher has assumed the role of interim president and ceo of Clos du Val Winery in the Stags Leap district. Clos du Val is the flagship estate of Goelet Wine Estates, which also owns wineries in France and Victoria and Tasmania, Australia. Recall that Dick is a long-time board member of GWE.
In addition to founding Maher & Associates, a consulting company, Dick has served as president of Beringer Vineyards, the Seagram Wine Company, Christian Brothers Winery and Heublein Fine Wines (Beaulieu Vineyards, Inglenook, Christian Brothers, Gustave Niebaum, Quail Ridge, and Rutherford Estates). He is a past chairman of the California Wine Institute and was president of the Napa Valley Vintners Association and chairman of the Napa Valley Wine Auction in 1989.
Meanwhile, another industry vet, John Moreau, has been named vp of sales for Goelet Wine Estates Americas. Most recently, he served as senior vice president of sales for Remy Cointreau USA.
Mary Ann Vangrin has been named director of public relations for Clos du Val Winery and Goelet Wine Estates. She has managed public relations and corporate communications for notable brands including Robert Mondavi Winery, Sutter Home Winery/Trinchero Family Estates and Domaine Chandon.
ALTRIA COMPLETES ACQUISITION OF UST
The world’s largest tobacco company, Altria, announced today it has completed the $11.7 billion acquisition of smokeless tobacco company UST. Altria is assuming of approximately $1.3 billion of debt. Shareholders of UST common stock are entitled to receive $69.50 per share in cash for each share of common stock held as of today (January 6). It still remains to be seen if Altria will hold on to Ste. Michelle or sell it to the highest bidder. True, the company needs to pay down debt, but Ste. Michelle could be a valuable asset. Stay tuned…
WSD BRIEF:
BEAM GLOBAL IS RE-LAUNCHING SAUZA’S super-premium Tres Generaciones tequila along with new packaging and an emphasis on triple-distilled tequila, the company said today. The new packaging is available this month. The 750ml bottle has a suggested retail price of $45.99 for Plata, $47.99 for Reposado and $49.99 for Añejo, which varies by market. According to IRI, tequila priced above $30 rose 11.2% in dollar sales and 13.6% in volume in the four weeks to November 2, 2008.
STZ EXPECTED TO BENEFIT FROM STABILIZED MARKET. Morgan Stanley expects Constellation to be in-line with its full year guidance because “wine trends in the U.S. have stabilized, albeit at a lower level of growth” over the last several months. Analysts at the firm estimate that industry volume growth has slowed by ~200bps from the 3-4% historical growth rate and the long term trade-up trend reversed during the quarter with a shift to lower priced wines. At the same time, Morgan Stanley reported that beer trends have yet to pick-up. We’ll be covering Constellation’s third quarter results tomorrow, so stay tuned…
Until tomorrow, Megan
“Give me the splendid silent sun with all his beams full-dazzling.”
Walt Whitman
--------- Sell Day Calendar ----------
Today's Sell Day: 3
Sell days this month: 21
Sell days this month last year: 22
This month ends on a: Fri
This month last year ended on a: Thurs
YTD sell days Over/Under: 0
BEER SUMMIT 2009 - The Four Seasons, Austin, Texas - Join us for great speakers, intelligent discourse, good food, and of course great beer at the next Beer Summit on March 1 - 2, 2009. Click here: http://tinyurl.com/beersummit
WINE & SPIRITS DAILY
Subscribe or check back issues at: www.winespiritsdaily.com
Send news and comments in confidence to: megan@winespiritsdaily.com
© 2008 Wine & Spirits Daily, all rights reserved. May quote with attribution.
posted at 12:46 PM
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