The Hardy’s, Stowells and Banrock Station wine firm is in the process of selling the ailing division to Champ, an Australian private equity firm, though it will retain a 20% stake.
Its net sales in the third quarter of Constellation’s financial year stood at US$230 million – about £149 million. The 12% decline compares with a 1% increase in its North American wine business and an 8% increase for spirits.
Constellation chief executive Rob Sands said: “We’ve accomplished a great deal this year including the recently announced sale of our Australian and UK business. This is the right move for the company and positions us to better achieve the goals associated with our profitable organic growth strategy.”