SEAGRAM BEVERAGE COMPANY CELEBRATES 100 MILLIONTH COOLER CASE; NEW PRODUCTS TO SHAPE THE COMPANY'S FUTURE GROWTH
SEAGRAM BEVERAGE COMPANY CELEBRATES 100 MILLIONTH COOLER CASE;
NEW PRODUCTS TO SHAPE THE COMPANY'S FUTURE GROWTH
NEW YORK, April 2 /PRNewswire/ -- The Seagram Beverage Company, an operating unit of The Seagram Company Ltd., has achieved a milestone in the beverage alcohol industry with the production of its 100 millionth case of Seagram's Coolers.
The company installed the acclaimed case of Seagram's Golden Coolers in The Seagram Museum in Waterloo, Ontario, Canada, during a ceremony attended by executives of The Seagram Company Ltd., including Edgar Bronfman, Jr., president and chief operating officer of The Seagram Company Ltd. Bronfman was instrumental in the creation of the company's line of cooler products.
"Being a part of this event is particularly exciting for me because I can remember when we first created Seagram's Golden Cooler," Bronfman commented. "I am especially proud that Seagram played an instrumental role in establishing this entirely new beverage category that today continues to be enjoyed by millions of consumers," he added.
Seagram developed its cooler business from scratch as a result of dedicated internal development program. In 1984, the company shipped its first case of Seagram's Wine Coolers and by the end of 1985 Seagram had achieved a sales level of approximately 4 million cases.
Today, Seagram is a leader in the United States in the more than $1 billion cooler market. Seagram's Coolers retail sales were approximately $500 million in 1991.
As part of the celebration surrounding production of the 100 millionth case, executives of The Seagram Beverage Company outlined their strategic plan at a meeting of distributors and company employees that will define the shape of its business over the next few years.
The key to The Seagram Beverage Company's future growth will be determined by its ability to continue to successfully develop new products. New brands will include premium adult beverages with and without alcohol, some of which have evolved from the cooler category while others will be completely new products. In five years, the company expects to have three to five major national brands.
"All of us must recognize that we are in the beverage business, not just the cooler business. Coolers and the development of other new beverage products are part of the ongoing process of change, evolution and growth that demands new approaches and new ways of thinking,"
C. Richard Coffey, president of The Seagram Beverage Company, said at the meeting.
The Seagram Beverage Company invested approximately $10 million in 1991 in order to develop several new products and flavors that will be introduced this year. An additional $5 million will be spent in 1992 on research and development.
Among the new product launches are several new cooler flavors and a new flavor for TAOS, a refreshing low-alcohol product made with sparkling springwater.
Importantly, two new beverages are to be introduced in May. These include Seagram's Spritzer, a premium low-alcohol beverage that is lighter and less sweet than coolers and 2 Calorie Quest, a non-alcohol, low-calorie, flavored springwater sweetened with Nutrasweet.
Speaking at the meeting to commemorate the 100 millionth cooler case, Mark Taxel, executive vice president of The Seagram Beverage Company noted that Seagram built its cooler business into a sustainable $500 million retail business. "It is also our opportunity to demonstrate that we now have a portfolio of visions," he stated. "And we have a portfolio of new products and line extensions that will make the past success that we have shared prologue to The Seagram Beverage Company story."
The Seagram Beverage Company, a division of The Seagram Beverage Group, is responsible for the development, production and marketing of Seagram's Coolers in the United States. It also manufactures and markets a full line of Seagram's Mixers. Seagram's Mixers include Ginger Ale, Tonic Water, Collins Mixer, Club Soda, Seltzer and a variety of other mixers.
The Seagram Company Ltd. is a leading global producer and marketer of distilled spirits, wines, fruit juices, coolers and mixers, and sells its brands in more than 150 countries. Subsidiaries and affiliates in 30 countries comprise the largest distribution system in the spirits and wine industry. Seagram manages its worldwide beverage operations through two major business units -- The Seagram Spirits And Wine Group and The Seagram Beverage Group.
/CONTACT: Chris Tofalli of Seagram, 212-572-1118/
(VO) CO: Seagram Beverage Company; Seagram Company Ltd. ST: New York IN: FOD SU: SM -- NY041 -- 4379 04/02/92 12:19 EST