Ste. Michelle Wine Estates has been sold for about $1.2 billion. The sale of the Woodinville, WA-based winery was announced last week by parent company, Altria. Ste. Michelle is one of the largest wine companies in the U.S., farming nearly 30,000 acres of grapes across the west, and selling wines under a variety of names, including Chateau Ste. Michelle, 14 Hands, Columbia Crest, Erath, Intrinsic and Patz & Hall.
Growth has stalled as of recent for Ste. Michelle. According to the Seattle Times, sales dipped from $691 million in 2018 to $689 million in 2019. Then came the pandemic in 2020, where sales fell to $614 in 2020 and Ste. Michelle reported a steep operation loss of $360 million.
Altria said it will use the sale’s proceeds to buy back stock.
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