Constellation Brands Inc. has sold its Gaymer Cider Co. business to C&C Group PLC of Dublin, Ireland, for roughly $70 million, the Victor firm said Friday.
The company expects to use the proceeds from the sale to reduce borrowings.
Constellation said in November it had entered into the agreement with the Irish firm. At the time, Robert Sands, Constellation’s president and CEO, said the sale was part of the company’s strategy to focus on premium higher growth, higher margin wine, beer and spirits brands.
As part of the transaction, C&C Group will receive all Gaymer cider brands, including Blackthorn Cider, Gaymers Original and Pear Cider, Addlestones and Olde English Cider, along with a production facility and associated warehouses and distribution facilities.
Constellation ranked 13th on the most recent Rochester Business Journal list of manufacturers with 634 local workers.
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