The wing giant was sold for $ 1.2 billion to a private equity firm.
WOODINVILLE, sink – Ste. Michelle Wine Estates has been sold for about $ 1.2 billion to a private equity firm by its parent company, the tobacco company Altria.
Woodinville-based Ste. Michelle describes herself as the country’s third largest wine company, cultivating nearly 30,000 acres throughout Washington, Oregon and California.
The company sells wines under brands including Chateau Ste. Michelle, 1
According to Chateau Ste. The Michelle site was the vineyard founded on the Woodinville estate of Seattle timber baron Frederick Stimson, originally built in 1912.
Since then, the company has expanded its activities to include vineyards in eastern Washington.
Chateau Ste. Michelle has helped give back to the community with a scholarship to support minority students, which was established in 2002.
Initially, the foundation supported minority students attending Washington State University and the University of Washington, but in 2009 the winery expanded the program to include students attending any college or university in Washington State.
Altria, which owns major cigarette brands like Marlboro, said it will use the proceeds from the sale to buy back shares.
CEO Billy Gifford said the winery’s exhaustion is part of the plan to focus on “moving adult smokers away from cigarettes by taking steps to transfer millions to potentially less harmful choices” as non-combustible nicotine products.