April 2/Marketing Business Weekly -- Constellation Brands Inc. completed the sale of its value spirits business to Sazerac Company Inc. for $334 million, subject to post-closing adjustments.
The company also announced that it has updated its diluted earnings per share outlook for fiscal 2009. The company's new comparable basis diluted EPS range for fiscal 2009 is targeted to be $1.60-1.62 compared to the company's previous estimate of $1.68-1.72. The revision is driven primarily by an increasingly challenging global economic environment, particularly the accelerated deterioration in the company's U.K. and Australian businesses during its fourth quarter.