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No sour grapes as Canada's biggest wine company sold to U.S. liquor giant CBC News \|\| June 05, 2006 Shareholders of Vincor International Inc., the Canadian-based wine company that has become one of the largest in North America, approved a friendly $1.5-billion takeover by U.S. liquor giant Constellation Brands Inc. on Thursday. But Vincor chief executive Donald Triggs warned shareholders at a special meeting that layoffs are inevitable. "The consolidation of the two companies is going to result in some lost jobs, that's very clear," he told the annual meeting, adding that the cuts would likely come in the finance and international divisions. He did not say how many jobs would go or whether he would stay on with the company that he built. He has been offered a role with the newly merged company but he hasn't said whether he'll accept the job. "That will become evident in due course," Triggs told the Canadian Press after the meeting. Constellation Brands has not made any final decisions about layoffs and is expected to firm up its integration plan by the end of June, spokesman Mike Martin said. Article Posted at www.KnowledgeDrivenRevolution.com "I think that all parties concerned understood that, primarily at the headquarters, there would be some redundancy and some of that would result in some jobs going away there," Martin said. "In terms of wineries and vineyards and distribution facilities in Canada, the plan has been not to impact those." Vincor currently employs about 2,400 people. Triggs was the executive in charge of John Labatt's Chateau-Gai wine division in the early 1990s. He raised some money, bought the division and merged it with Bright's wines, Inniskillin and a collection of international wineries to build Vincor, now the eighth-largest wine company in the world. It has wineries in British Columbia, Ontario, Quebec, New Brunswick, California, Washington state, Western Australia and New Zealand. Its premium brands include Inniskillin, Jackson-Triggs, R.H. Phillips, Toasted Head, Amberley, Kumala and Sawmill Creek. Shareholders rebuffed a hostile takeover by Constellation last year, but accepted a new richer bid when Constellation came back for a second try. The Vincor buyout is just the latest in Constellation's 18-year-long acquisition spree. Founded in 1945 in upstate New York, Constellation became the world's No. 1 winemaker in 2003. Based in Rochester, N.Y., it has more than 200 brands ranging from jug wines to coveted California reds, beer imports such as Corona and St. Pauli Girl, and liquors like Fleischmann's vodka, Skol gin and Black Velvet Canadian whisky. Vincor shares (TSX:VN) gained one cent to close at $36.47 on the Toronto Stock Exchange. Shares in Constellation Brands gained 26 cents to close at $24.96 US on the New York Stock Exchange (NYSE:STZ). About KDR \| \| Home \| \| Weekly Features Archive	Weekly Weekly Features Archive
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No sour grapes as Canada's biggest wine company sold to U.S. liquor giant

CBC News || June 05, 2006

Shareholders of Vincor International Inc., the Canadian-based wine company that has become one of the largest in North America, approved a friendly $1.5-billion takeover by U.S. liquor giant Constellation Brands Inc. on Thursday.

But Vincor chief executive Donald Triggs warned shareholders at a special meeting that layoffs are inevitable.

"The consolidation of the two companies is going to result in some lost jobs, that's very clear," he told the annual meeting, adding that the cuts would likely come in the finance and international divisions.

He did not say how many jobs would go or whether he would stay on with the company that he built. He has been offered a role with the newly merged company but he hasn't said whether he'll accept the job.

"That will become evident in due course," Triggs told the Canadian Press after the meeting.

Constellation Brands has not made any final decisions about layoffs and is expected to firm up its integration plan by the end of June, spokesman Mike Martin said.

Article Posted at www.KnowledgeDrivenRevolution.com

"I think that all parties concerned understood that, primarily at the headquarters, there would be some redundancy and some of that would result in some jobs going away there," Martin said. "In terms of wineries and vineyards and distribution facilities in Canada, the plan has been not to impact those."

Vincor currently employs about 2,400 people.

Triggs was the executive in charge of John Labatt's Chateau-Gai wine division in the early 1990s. He raised some money, bought the division and merged it with Bright's wines, Inniskillin and a collection of international wineries to build Vincor, now the eighth-largest wine company in the world.

It has wineries in British Columbia, Ontario, Quebec, New Brunswick, California, Washington state, Western Australia and New Zealand. Its premium brands include Inniskillin, Jackson-Triggs, R.H. Phillips, Toasted Head, Amberley, Kumala and Sawmill Creek.

Shareholders rebuffed a hostile takeover by Constellation last year, but accepted a new richer bid when Constellation came back for a second try.

The Vincor buyout is just the latest in Constellation's 18-year-long acquisition spree. Founded in 1945 in upstate New York, Constellation became the world's No. 1 winemaker in 2003.

Based in Rochester, N.Y., it has more than 200 brands ranging from jug wines to coveted California reds, beer imports such as Corona and St. Pauli Girl, and liquors like Fleischmann's vodka, Skol gin and Black Velvet Canadian whisky.

Vincor shares (TSX:VN) gained one cent to close at $36.47 on the Toronto Stock Exchange. Shares in Constellation Brands gained 26 cents to close at $24.96 US on the New York Stock Exchange (NYSE:STZ).

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