Having surpassed its prior target ahead of plan, Constellation further advances water stewardship efforts; shares progress against core commitments for environmental stewardship and social impact.
VICTOR, N.Y., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ), a leading beverage alcohol company, today announced the release of its 2023 ESG Impact Report and expanded target to restore a total of 5 billion gallons of its water withdrawals back to local watersheds near the company’s production facilities between its fiscal year 2023 and fiscal year 2025.
Exceeded previous water stewardship target ahead of schedule, continues progress against all environmental targets.
Constellation achieved its original target to restore approximately 1.1 billion gallons of water withdrawals from local watersheds ahead of plan and is now targeting to restore an incremental 4 billion gallons within the same timeframe, for a total of 5 billion gallons of water withdrawals restored by fiscal year 2025. Seeking to build resilience for this finite natural resource in local communities near its operations and on behalf of future generations, the company is partnering with local authorities, community leaders, and water-focused NGOs on multiple ongoing water infrastructure and restoration projects detailed in the new report.
“Water is one of our planet’s most precious natural resources, and a critical resource for our business. As such, we continue to prioritize efforts to improve water availability and resilience for communities where we operate, as we strive to ensure that we act in a manner that is both good for the world and good for the future of our business and stakeholders,” said Bill Newlands, Constellation Brands’ President and Chief Executive Officer. “Our approach is designed to create and protect value for our business and neighbors, reflect our company values, and directly address pressing environmental and societal needs.”
Earlier this year, Constellation established two new environmental stewardship targets for packaging and waste – pursuing a TRUE Certification for Zero Waste in key operating facilities1 and significantly enhancing its use of circular packaging across the company’s portfolio – both with a target date of fiscal year 2025.
The company also continues its efforts to manage greenhouse gas emissions, specifically by decreasing its dependence on non-renewable energy sources through energy conservation and renewable energy initiatives.
Focus on social initiatives closely aligned with business objectives.
Constellation continues to advance its target to invest a total of $200 million to support female- and minority-founded businesses within the beverage alcohol industry over a 10-year period. With more than $98 million invested in 12 female- and minority-founded small businesses through August 2023, Constellation seeks to help create the industry’s next generation of brands aligned with evolving consumer preferences, further bolstering the company’s product portfolio.
In addition, partnerships with organizations whose missions and values align with those of Constellation’s consumers and employees, such as Dress for Success, UnidosUS, and the National Restaurant Association Educational Foundation, benefitted more than 18,000 individuals and families over the past two calendar years. Each of these organizations works to help provide career-building opportunities and pathways toward prosperity for underserved members of local communities where the company operates. These partnerships are discussed in more detail within the report.
“Our work related to social impact, providing access to beneficial resources and meaningful opportunities for the underserved, helps to create greater social equity which is key to building strong, resilient, and thriving communities,” said Mike McGrew, Constellation Brands’ Executive Vice President and Chief Communications, CSR, and Diversity Officer. “When this happens, we all win, as strong and thriving communities are essential to supporting the long-term viability and success of our business, local employees, and business partners. While we’re proud of the progress made to date, we realize there is still much work to be done, and we look forward to continued collaboration amongst our dedicated team members, community allies, and other external partners to make a meaningful, positive, and lasting difference.”
Introduced significant governance enhancements.
After transitioning from a dual to a single class, one share, one vote common stock structure in November 2022, Constellation also initiated a comprehensive Board refreshment and governance enhancement process, including electing two new Board members with strong financial backgrounds, and engaging in a process to identify a new independent Board Chair.
To learn more, you can access Constellation’s full 2023 ESG Impact Report here.
1 Key operating facilities, for the purposes of this target, consist of our major production facilities (i.e., our breweries in Mexico and our U.S. wineries generating the vast majority of waste).
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The word “expect” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements may relate to our business and ESG strategies, future prospects, plans, events, performance, targets, goals, or objectives, future operations, future environmental, financial, or social metrics, promises, or expected actions of third parties. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur.
The forward-looking statements are based on management’s current expectations and should not be construed in any manner as a guarantee that such results will in fact occur. All forward-looking statements speak only as of the date of this news release and Constellation Brands does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
In addition to risks and uncertainties associated with ordinary business operations, the forward-looking statements contained in this news release are subject to the risk, uncertainty, and possible variance from our current expectations regarding: future global economic conditions; market conditions; regulatory conditions; unanticipated environmental liabilities and costs; changes to governmental rules and regulations; the actions of competitors; consumer expectations and preferences; and other factors and uncertainties disclosed from time-to-time in Constellation Brands’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended February 28, 2023 and its Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2023, which could cause actual future performance to differ from current expectations.
ABOUT CONSTELLATION BRANDS
Constellation Brands (NYSE: STZ) is a leading international producer and marketer of beer, wine, and spirits with operations in the U.S., Mexico, New Zealand, and Italy. Our mission is to build brands that people love because we believe elevating human connections is Worth Reaching For. It’s worth our dedication, hard work, and calculated risks to anticipate market trends and deliver more for our consumers, shareholders, employees, and industry. This dedication is what has driven us to become one of the fastest-growing, large CPG companies in the U.S. at retail, and it drives our pursuit to deliver what’s next.
Every day, people reach for our high-end, iconic imported beer brands such as those in the Corona brand family like the flagship Corona Extra, Modelo Especial and the flavorful lineup of Modelo Cheladas, Pacifico, and Victoria; our fine wine and craft spirits brands including The Prisoner Wine Company, Robert Mondavi Winery, Casa Noble Tequila, and High West Whiskey; and our premium wine brands such as Kim Crawford and Meiomi.
As an agriculture-based company, we have a long history of operating sustainably and responsibly. Our ESG strategy is embedded into our business and our work focuses on serving as good stewards of the environment, enhancing social equity within our industry and communities, and promoting responsible beverage alcohol consumption. These commitments ground our aspirations beyond driving the bottom line as we work to create a future that is truly Worth Reaching For.
To learn more, visit www.cbrands.com and follow us on X, Instagram, and LinkedIn.
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