Constellations cuts debt with UK cider sale

Posted by Editorial on 18th January 2010

Wine firm Constellation Brands has announced the completion of the sale of its Gaymer Cider Company business to C&C Group PLC of Dublin.

The ASX and NYSE-listed company sold their UK cider business for a purchase price of £45 million (A$80m).

“The company expects to use the proceeds from the sale to reduce borrowings,” they said in a statement a week after reporting a four per cent drop in third quarter sales.

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