The Brown-Forman Corporation is one of the largest American-owned companies in the spirits and wine business. Based in Louisville, Kentucky, it manufactures several well known brands throughout the world, including Jack Daniel's, Early Times, Old Forester, Woodford Reserve, Canadian Mist, GlenDronach, BenRiach, Glenglassaugh, Finlandia, Herradura, Korbel, and Chambord. Brown-Forman formerly owned Southern Comfort and Tuaca before selling them off in 2016.
As of fiscal 2016 the company had sales of $3.08 billion. The roughly 40 members of the Brown family, cousins that are descendants of founder George Garvin Brown, control more than 70% of the voting shares and have a net worth of $12.3 billion.
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History
The company was founded in 1870 by George Garvin Brown, a young pharmaceuticals salesman in Louisville, who had the then-novel idea of selling top-grade whiskey in sealed glass bottles.
In 2005, the company sold its Lenox division (one of the oldest and most famous manufacturers of fine china in the United States), which had been acquired in 1983, to Department 56 for $USD 160 million. The income generated by the sale was distributed to the shareholders in the form of a one time special dividend.
In 2006, the company acquired the Chambord liqueur brand (a super-premium black raspberry liqueur produced in France) for $US 255 million.
In 2007, the company acquired Tequila Herradura, a Mexican company that produces the Casa Herradura tequila brand (a super-premium tequila produced in Mexico) for $US 776 million, while it also sold its Hartman Luggage division (one of the leaders in the travel goods industry and originally a subdivision of Lenox), to Clarion Capitol Partners. One year later, it sold the Bolla and Fontana Candida Italian wine brands to Gruppo Italiano Vini (GIV). The terms of neither sale were disclosed.
In 2011, the company sold Fetzer Vineyards and associated brands to the Chilean wine producer Viña Concha y Toro S.A. for $US 238 million.
In 2016, the Southern Comfort and Tuaca brands were sold to Sazerac Company for $543 Million.
In 2016, Brown-Forman also reached an agreement to purchase The BenRiach Distillery Company Limited for approximately £285 million. The purchase brought GlenDronach, BenRiach, and Glenglassaugh to Brown-Forman's portfolio.
The company is a sponsor of the Brown-Forman Retailer of the Year awards given by the American Beverage Licensees.
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Stock information
Brown Forman has two classes of common stock, both of which are traded publicly on the New York Stock Exchange. The Class A shares carry voting privileges and are thinly traded due to control by the Brown family while the Class B shares are Non-voting stock.
China bribery accusations
In 2011, Brown-Forman was accused of illegally subsidizing its distributors in China, and subsequently delaying payment to them as agreed under contract. The Shanghai Administration for Industry and Commerce fined Brown-Forman 2 million renminbi (US$320,000) for illegal subsidization.
2009 environmental rating
In 2009, Newsweek magazine ranked Brown-Forman in their "Green Rankings" which examines 500 of the largest corporations on their environmental track record. Brown-Forman was ranked 63rd out of 500 overall, and was ranked 3rd in the food and beverage industry sector.
Brands
See also
- List of major employers in Louisville, Kentucky
References
External links
- Official website
Source of article : Wikipedia
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