Constellation Brands & GModelo Settle Legal Action

on 29/10/10 at 5:00 pm

Industry

Constellation Brands, Inc. /quotes/comstock/13*!stz/quotes/nls/stz (STZ 19.73, +0.69, +3.62%) (asx:CBR), the world’s leading wine company, and GModelo Corporation, a subsidiary of Grupo Modelo, S.A.B. de C.V., Mexico’s leading brewer, announced today the settlement of legal action brought by GModelo against Constellation and certain of its affiliates in New York Supreme Court. At issue was the marketing and promotional budget for the two companies’ joint venture, Crown Imports LLC, for calendar year 2010. The joint venture partners reached agreement on promotional and marketing expenditures for 2010 and through the remainder of the term of the joint venture agreement for the benefit of the business of Crown.

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