Constellation Brands to Eliminate 300 Jobs
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Constellation Brands Inc. said it would fire about 300 people and consolidate some sales and administrative offices as the company integrates the purchase of Robert Mondavi Corp.
Fairport, N.Y.-based Constellation didn’t disclose where the job cuts would take place and didn’t expect to close any production facilities. Constellation will incur pretax restructuring costs of $52 million over the next year, it said in a Securities and Exchange Commission filing.
Constellation expanded its wine unit with the acquisition of Napa Valley winemaker Mondavi in December for $1.03 billion. It expects to complete the restructuring by February 2006.
Shares of Constellation, which makes and distributes about 200 brands of alcoholic beverages, rose 24 cents to $49.46 on the NYSE.
From Bloomberg News
* E. & J. Gallo Winery purchased closely held Grape Links Inc., maker of Barefoot Cellars wine. Terms weren’t disclosed.
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