Fortune Brands to sell wine business Fortune Brands Inc. disclosed

November 13, 2007 Vino

Fortune Brands Inc. disclosed this morning that it has definitively agreed to sell its U.S. wine business to industry rival Constellation Brands Inc. for $885 million, as the Deerfield-based conglomerate moves to sharpen its focus on higher-margin segments.

The sale, which will generate an after-tax gain for Fortune of between $50 million and $60 million, includes such brands as Clos du Bois, Geyser Peak and other wine brands, along with 1,500 acres in associated vineyards and wine-making assets. Read more

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