Two executives from Constellation Brands Inc. are being rewarded for their role in the company’s multibillion beer business acquisition this year.
The Victor, Ontario County-based company gave Robert Sands, its president and CEO, 13,100 restricted stock share grants and up to 26,200 performance shares, a filing with the Securities & Exchange Commission shows. Chief Financial Officer Robert Ryder received some 6,550 restricted share grants and up to 13,100 performance shares.
The restricted share grants are guarantees each can purchase up to that many shares of Constellation stock at a set, pre-determined price. The performance share they actually receive will depend on the company meeting performance milestones related to the brewery expansion, the filing states.
On June 7, Constellation Brands announced it had completed its acquisition of Grupo Modelo S.A.B. de C.V.’s U.S. beer business from Anheuser-Busch InBev SA for some $4.75 billion.
The transaction includes full ownership of Crown Imports LLC, which provides Constellation with complete, independent control of all aspects of the U.S. commercial business; a brewery in Nava (Piedras Negras), Mexico; exclusive perpetual brand license in the United States to import, market and sell Corona and the Modelo brands Crown sells, and the freedom to develop brand extensions and innovations for the U.S. market.
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