Liquor company Brown-Forman Corp. says it has agreed to sell California-based Fetzer Vineyards to Chilean wine producer Vina Concha y Toro S.A. for $238 million.
When Louisville, Ky.-based Brown-Forman bought Fetzer in 1992 from its founding family, the winemaker was selling nearly 2 million cases a year. By 2010, the division was selling more than 3 million cases.
The sale includes Hopland-based Fetzer's winery, bottling facility and vineyards plus the Fetzer brand and the California-based wine brands Bonterra, Little Black Dress, Jekel, Five Rivers, Bel Arbor, Coldwater Creek and Sanctuary.
Brown-Forman said Tuesday it expects the Fetzer sale to increase its full-year earnings by 20 cents to 30 cents per share. The sale is set to close in April.
Brown-Forman's other brands include Jack Daniel's, Southern Comfort and Finlandia vodka.
