Constellation Brands' Board of Directors Authorizes New $1 Billion Share Repurchase Program
November 21 2016 - 09:00AM
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
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