The sky isn’t the only place with stars. If you live in California you might run into one, and if you like Corona, you might have drank one.
The parent company of Corona, Modelo Especial and others is Constellation Brands, Inc. (NYSE: STZ), and its stock ticker is short for “stars.”
A Star Is Born
The company, originally called Canandaigua Industries, sells a variety of products and changed its name in 2000 to better reflect the overall scope of the company and its wide range of brands.
Richard Sands, the company's chairman, president and CEO at the time, commented on the name change.
“The change of our corporate name to Constellation signifies a new and exciting chapter in our history, one that is reinforced by the growth and expansion in products we have enjoyed over the past several years. We are excited about the opportunities we see ahead.”
The company continues to stay true to the name change, as it's still expanding its footprint into different industries.
Constellation's portfolio includes over 100 brands.
Where will the company expand to next?