All articles tagged with #diageo
Guinness is closing its Open Gate Brewery in Halethorpe, Maryland, effective November 1, 2026. The shutdown eliminates 174 positions held by Aramark employees and leaves the Chicago facility as the brand's only remaining U.S. location. The decision stems from a $1 billion restructuring plan by parent company Diageo, shifting focus away from experimental brewing toward core products like Guinness Zero.
Diageo’s 2026 preliminary results for the year ended 30 June show net sales of $19.643 billion, down 3% on a reported basis and 2% organically. Organic net sales fell 2% with volume down 0.4% and a 1.6% adverse price/mix, though growth occurred in Europe, Latin America and Africa while North America and Asia Pacific weakened. Organic operating profit rose 2% with margins up 116 basis points thanks to cost savings, but the reported figure declined 27.2% due to restructuring costs and impairment charges; EPS before exceptional items was 165.3 cents. Free cash flow rose to $3.211 billion, and net debt stood at $20.5 billion. The company is progressing with disposals (East Africa Breweries) and a planned sale of the RCB cricket team, maintaining a 50 cents per share dividend. A two-year restructuring program is underway, with $0.9 billion of charges in fiscal 2026 and expected $850 million in savings from fiscal 2027, plus $1.5 billion of impairments largely from Türkiye. CEO Dave Lewis says progress in several regions supports the turnaround as the Capital Markets Day is underway.
Diageo unveiled a $1 billion, three-year savings plan to turn around a sluggish business, recognizing $1.2 billion in restructuring costs and promising a more agile, cost-efficient operation. For the year to June 30, organic net sales fell 2% to about $19.6 billion, while adjusted operating profit rose 2% to $5.7 billion due to savings (tariffs partly offset the gains). North America sales declined 8.4%, but World Cup-driven cocktails and Casamigos/other brands supported ready-to-drink growth, leading analysts to expect the plan to lift profits and support the stock lifted about 4%.
Diageo has closed the Portland Aviation American Gin Distillery and its visitor center as it moves production to other facilities to improve efficiency; Ryan Reynolds remains an owner, and the Aviation Gin brand will stay in Diageo’s portfolio despite the closure.
Ontario Premier Doug Ford has announced plans to banish Crown Royal whisky from the province, citing a dispute with Diageo over the company's plans to move production to the US and the loss of local jobs. Ford has urged residents to stock up before the ban takes effect and has threatened to target other Diageo brands, emphasizing his stance on economic nationalism and protecting Ontario's interests.
Diageo has appointed former Tesco CEO Sir Dave Lewis as its new chief executive to address declining sales and market challenges, aiming to stabilize and grow the company's global brands amid changing consumer behaviors and economic pressures.
The CEO of Diageo, Debra Crew, has unexpectedly resigned without a successor in place amid ongoing sales challenges despite strong Guinness demand, prompting the CFO to step in temporarily as the company searches for a new leader.
Sean "Diddy" Combs faced setbacks in his business ventures, including the failure of a major cannabis deal and the underperformance of his latest album. Amidst this, he filed a lawsuit against Diageo, alleging racism and neglect in their partnership for the DeLeón tequila brand. Combs sought billions in damages, positioning the lawsuit as a crusade for fair treatment of Black people by big corporations.
Sean "Diddy" Combs faced setbacks in his business ventures, including a failed cannabis deal and underperforming album, while also suing Diageo for alleged racism in neglecting their joint tequila venture. Despite his struggles, Combs remains determined to hold corporations accountable for fair treatment of Black entrepreneurs.
Sean "Diddy" Combs and Diageo have settled their dispute, with Combs withdrawing his accusations of racial discrimination and voluntarily dismissing his lawsuits against the spirits giant. The lawsuit, filed last year, alleged that Diageo neglected the vodka and tequila brands he promoted or co-owned and marketed them as "urban" brands. The settlement marks the end of a partnership that began in 2007 to promote Cîroc vodka and jointly purchase DeLeón tequila in 2013.
Sean Combs has settled with Diageo, ending his joint ownership of DeLeón tequila and ties to Cîroc vodka, following ongoing sexual assault lawsuits and accusations of racism. The settlement comes after Combs sued Diageo for labeling the brands as "Black brands" and facing sexual assault allegations from multiple accusers. Both parties have agreed to resolve all disputes, with Combs withdrawing his allegations and voluntarily dismissing his lawsuits against Diageo, and will no longer have any ongoing business relationship with the spirits giant.
Sean 'Diddy' Combs has withdrawn all allegations in his lawsuit against Diageo, ending their business relationship and resolving all disputes. The rapper had previously accused the spirits giant of neglecting his brands, DeLeón Tequila and Ciroc Vodka, due to race, but has now dismissed the lawsuit, suggesting a settlement has been reached. This comes as Diddy faces other legal challenges, including settling with his ex, Cassie, over allegations of sexual and physical abuse, and facing lawsuits from three other women for similar claims.
Sean "Diddy" Combs has withdrawn his lawsuit against Diageo as part of a settlement, with the spirits giant now the sole owner of Ciroc vodka and DeLeon tequila. The lawsuit, filed last May, accused Diageo of neglect and racism, but the details of the settlement remain undisclosed. Diageo denied the allegations, and Combs' reputation suffered after being sued by R&B singer Cassie for alleged abuse, a lawsuit that was settled a few days after it was filed.
Sean "Diddy" Combs has reached a settlement with Diageo, withdrawing his lawsuit against the spirits giant. As part of the agreement, Diageo is now the sole owner of Ciroc vodka and DeLeon tequila, brands previously promoted by Combs. The lawsuit, filed last May, alleged that Diageo failed to make promised investments and treated the products as inferior "urban" items. Combs, who also accused Diageo of racism, saw his reputation suffer as a result of the legal dispute.
Sean "Diddy" Combs and Diageo have settled their legal dispute, with Combs withdrawing his allegations and voluntarily dismissing his lawsuits against Diageo. The dispute stemmed from Combs' claims that Diageo had not supported marketing agreements involving Ciroc vodka and DeLeón tequila. The resolution severs their business ties, and Diageo now solely owns DeLeón tequila. Combs is also facing lawsuits related to sexual assault charges, and his temporary resignation as chairman of Revolt and the cancellation of his Hulu reality show.