Constellation Brands to Invest $100 Million in Black-, Minority-Owned Businesses
29 June 2020 - 11:56PM
Dow Jones News
By Colin Kellaher
Constellation Brands Inc. Monday said it plans to invest $100
million over 10 years in Black- and minority-owned businesses to an
effort to improve representation in the beverage alcohol
industry.
The Victor, N.Y., beer and spirits company said the move is part
of a comprehensive effort to advance social justice and help
eliminate systemic racism.
Constellation said its corporate venture capital group, will
invest $100 million in African American/Black and minority-owned
businesses in the beverage alcohol space and adjacent categories by
2030.
The company noted that a similar effort aimed at businesses
owned by women has increased the venture group's portfolio mix to
50% female-owned from 20%.
Constellation said its new social-justice action plan also
includes a review of its recruitment, hiring and talent-development
practices, and a $1 million contribution to the Equal Justice
Initiative.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 29, 2020 09:41 ET (13:41 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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