Diageo Speaks on Recent Wine Deals

Dear Client: Just this week it came to light that Diageo Chateau and Estate Wines sold Canoe Ridge Vineyard and Sagelands (both based in Washington) to Seattle-based Precept Brands. Then this morning WSD broke the news that Diageo has sold Echelon Vineyards to Winery Exchange. So clearly Diageo is in the process of refining its wine portfolio. Whether it ends with Echelon remains to be seen. What is the company's strategy in selling these brands? In a statement to WSD,