Constellation buoyed by sales and acquisitions
Constellation Brands, the world's biggest wine company, has generated record results for the fiscal year 2008 of the back of strong sale and acquisition activity.
Chief executive Rob Sands said the company exceeded earnings per share estimate for the year and generated a record free cash flow of $376 million (188m).
He added: "For fiscal 2008, we achieved our strategic initiatives and exceeded our key financial goals.
"These include the premiumisation of brand portfolios, including the acquisition of SVEDKA Vodka and the Fortune Brands US premium wine portfolio and the sale of the Almaden and Inglenook value wine brands."
The creation of a strategic joint venture for the company's UK wholesale business was crucial in achieving these goals, Sands concluded.
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