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MGP Ingredients, Inc. reports developments across branded spirits, distilling solutions and ingredient solutions, with news centered on operating results, production levels, dividends and demand conditions in American whiskey and specialty ingredients.
The company’s updates also cover the Luxco branded spirits portfolio, including Penelope, Rebel, Remus and Yellowstone bourbons and El Mayor tequila, as well as releases, barrel programs, partnerships and events tied to distilleries in Indiana and Kentucky and tequila operations in Arandas, Mexico. News on the business addresses branded spirits momentum, brown goods demand, distilling capacity, bottling and warehousing operations, and specialty fiber, protein and starch ingredients for food products.
Remus Bourbon announces the release of Remus Babe Ruth Reserve, a collector's edition bourbon in collaboration with the Babe Ruth estate. This special release features a blend of three high-rye mash bills aged for six to seven years, offered at 111 proof (55.5% ABV). A total of 10,624 bottles, matching Babe Ruth's plate appearances, will be available from July at a suggested price of $149.99 per 750mL bottle. The bottle includes a QR code for fans to learn about Ruth's plate appearances. Remus is also hosting a sweepstakes for four winners to attend the 2024 All-Star Game in Arlington, Texas, and will hold launch parties during the event week.
MGP Ingredients has announced the appointment of David Colyott as Executive Vice President of Operations, effective July 2024. Colyott replaces Steve Glaser, who is retiring after a 13-year tenure. Colyott brings over 30 years of experience in supply chain operations and has held significant roles at Mars Petcare, Nestlé Waters, Ryder, and The Home Depot. He holds a Bachelor of Science in Marketing from Eastern Illinois University and has completed executive leadership programs at London School of Business, Nestlé, and Mars Petcare. MGP Ingredients' CEO, David Bratcher, expressed optimism about Colyott's leadership aligning with the company’s strategy of transitioning into a branded spirits company.
Lux Row Distillers announced the release of Rebel 10-Year Single Barrel Bourbon, aged for a decade and hand bottled at 100 proof. Priced at $99.99 for a 750mL bottle, this -edition bourbon features a unique flavor profile with vanilla, dark fruits, citrus, and oak, culminating in a smooth oak finish with a hint of spice. Each bottle is labeled with the barrel number and 'aged since' date. This release underscores Rebel Bourbon's commitment to quality and innovation, having recently won Double Platinum at the ASCOT Awards and Platinum - Best of Class at the SIP Awards. Additionally, Rebel Bourbon has become the official bourbon of Richard Childress Racing and offers two new barrel programs for retailers.
Ross & Squibb Distillery has unveiled enhancements to its Remus Bourbon and Rossville Rye Single Barrel programs for 2024. The historic Lawrenceburg, Indiana-based distillery offers unique kits for each brand with the option of private, guided tastings led by Master Distiller Ian Stirsman, either in-person or virtually.
The in-person experience includes a tour of the 175-year-old distillery, a private sampling, and is available by reservation only. The virtual tasting kits come in a natural wood case with three different mash bill samples, branded glassware, and detailed information about each offering.
These enhancements aim to provide a unique and personalized experience for whiskey enthusiasts.
MGP Ingredients has appointed Amit Sharma as Vice President of Investor Relations as of May 20, 2024. Sharma brings over 18 years of experience, previously serving in a similar role at Hostess Brands, where he enhanced investor engagement and drove shareholder value. In his new role, Sharma will lead MGP's investor relations strategy, aiming to improve communication with investors and stakeholders. CEO David Bratcher and CFO Brandon Gall both express confidence in Sharma’s capabilities to support the company's growth objectives. Sharma holds a Bachelor’s in Computer Science from Delhi University, an MBA from Baruch College, and is a CFA.
MGP Ingredients, Inc. (MGPI: Nasdaq) has appointed Paul Lux as Vice President of Sales for the Distilling Solutions segment, effective immediately. Lux, an industry veteran, brings extensive experience in beverage alcohol business to the role. He will work closely with Amel Pasagic, Chief Commercial Officer, to execute MGP's strategy for the segment.
MGP Ingredients reported its first-quarter results for 2024, with sales decreasing by 15% due to the closure of the Atchison distillery. Gross profit decreased by 10%, operating income by 30%, and net income by 34%. Adjusted EBITDA decreased by 17%, and EPS also declined. Despite these decreases, the company remains optimistic about its performance for the rest of the year.
MGP Ingredients, Inc. (Nasdaq: MGPI) declared a quarterly dividend of $0.12 per share of common stock, payable on May 31, 2024, to stockholders of record as of May 17, 2024. MGP is a leading provider of branded and distilled spirits, along with food ingredient solutions.
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