Diageo, the world’s largest beer, wine and spirits company, announced July 20 that it has sold its Barton & Guestier company to a French firm.
Earlier this month, the London-based company sold off the land and property of two of its flagship Cailfornia wineries, Beaulieu and Sterling, to a southern California company.
The terms of the B&G transaction, which unlike the California deal includes brands and inventory as well as land, were not disclosed. B&G produces a wide range of wines from France’s Bordeaux, Loire Valley, Beaujolais, Burgundy and Rhône Valley regions.
The two moves follow Diageo’s statement, in May, that it was conducting a full review of its wine operations.
Shares of Diageo rose 18% on news of the announcement, but remain off last April’s highs.
Last week the company announced a U.S. management reshuffle it said would “continue to drive breakthrough growth…for Diageo’s North America sales teams.”
In its home country, England, Diageo has been struggling with a huge deficit in its pension plan. The New York Times reported the company planned to put aside two million barrels of whiskey in order to securitize a $645 million hole in the pension fund.