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MGP Ingredients Inc. (Nasdaq: MGPI) is a prominent U.S. supplier of premium distilled spirits and a leading producer of specialty wheat proteins and starches. Headquartered in Atchison, Kansas, the company has over 150 years of experience in the crafting of distilled spirits, including gin, vodka, bourbon, and rye whiskey. MGP's operations are diversified into three main segments: Distillery Solutions, Branded Spirits, and Ingredient Solutions.
The Distillery Solutions segment encompasses the production and sale of distillery co-products such as distillers feed, fuel-grade alcohol, and corn oil. This segment also offers warehouse services like barrel storage and retrieval. The majority of MGP's revenue is derived from this segment, driven by the rising demand for premium beverage alcohol.
The Branded Spirits segment focuses on premium and super-premium spirit brands. The company's portfolio includes renowned brands from Luxco, a leading producer merged with MGP in 2021. Luxco's brands span across four distilleries in the U.S. and internationally, offering products like bourbon, rye whiskey, tequila, and gin. This segment has seen significant growth, particularly in the premium plus price tier, contributing to the company's gross margin expansion.
The Ingredient Solutions segment provides specialty wheat proteins and starches that enhance the nutritional and sensory qualities of various food products. These non-GMO ingredients align with MGP's focus on improving food quality and sustainability. The segment has recorded robust sales growth, driven by the increasing demand for specialty wheat proteins and starches.
Recent developments include record-breaking financial results, with a 20% increase in full-year gross profit compared to the previous year. The company's focus on premiumization has led to a 39% sales increase in brown goods during the fourth quarter of 2023. Additionally, the Ingredient Solutions segment reported a 15% sales increase in the fourth quarter, highlighting the company's strong market presence.
MGP is also committed to social responsibility and innovation. The company actively monitors market trends and consumer preferences to stay ahead in the competitive landscape. With facilities in Kansas and Indiana, MGP continues to invest in infrastructure and technology to sustain its growth and deliver high-quality products to its customers.
For more information, visit mgpingredients.com.
MGP Ingredients (Nasdaq:MGPI) announced its acquisition of Luxco for an enterprise value of $475 million in cash and stock. This strategic move aligns with MGP's goal to expand into higher value-added products. The transaction, expected to close in the first half of 2021, will bolster MGP’s market position in the branded-spirits sector, enhancing gross margins and cash flow. Luxco’s brands, including Ezra Brooks® and El Mayor®, will diversify MGP’s offerings and strengthen its nationwide distribution.
Matt Greeno has been appointed as the Lead Master Distiller at MGP Ingredients (MGPI), tasked with enhancing distillation quality and driving new product development. Greeno will supervise Master Distillers and engineers, fostering collaborations with MGP's R&D team for innovative spirits. His expertise in distilling gins and whiskeys is crucial as MGP Brands expands its offerings. Greeno holds a Master Distiller certification and has been with the company since 2011, following his education in chemical engineering and business administration.
MGP (Nasdaq: MGPI) has introduced the 2021 George Remus Bourbon Single Barrel Program, featuring selections at cask strength with two unique mash bills that highlight MGP's high-rye bourbon profile. Retailers can engage virtually with the distillery team to select their preferences, with customizable labels enhancing the collectible appeal. Pre-sales are open until March 15, 2021, with shipments scheduled for September 2021 to correspond with National Bourbon Month. MGP aims to support partners with marketing strategies to target discerning bourbon enthusiasts.
MGP (Nasdaq: MGPI) announced the launch of its 2021 Rossville Union Single Barrel Program, featuring three unique mash bills available for pre-sale until March 15. This program allows participating retailers to select and customize their whiskey offerings, which will ship by August 2021, coinciding with National Rye Month. MGP, recognized as the largest distiller of Rye Whiskey in the U.S., aims to enhance its market presence with this innovative program continued from previous years.
MGP Ingredients (Nasdaq: MGPI) has appointed Tanya Jeradechachai as Vice President of Ingredient Solutions R&D, enhancing its product development capabilities. With a strong background in grain science and commercialization spanning over a decade, Jeradechachai aims to advance MGP's role in the fast-growing plant-based market. Her expertise includes managing research projects in fiber, starch, and proteins, crucial for developing innovative food products. MGP emphasizes the importance of speed-to-market and aims to bolster its offerings in response to global customer needs.
MGP Ingredients (Nasdaq: MGPI) received the top Grade AA rating from BRCGS for its facilities in Atchison, Kansas, and Lawrenceburg, Indiana, following rigorous virtual and on-site audits in 2020. The Grade AA status is awarded for having five or fewer non-conformances from over 250 audit criteria, reflecting high standards in food safety and operational quality. This achievement underscores MGP's commitment to providing safe and quality ingredients in food and beverage alcohol sectors, according to David Whitmer, corporate director of quality and alcohol R&D.
MGP Ingredients (MGPI) reported a strong third quarter for 2020, with consolidated sales rising 13.5% to $103.0 million, driven by growth in both Distillery Products and Ingredient Solutions segments. Operating income increased 17.7% to $13.7 million, while GAAP earnings per share rose to $0.61 from $0.48. Notably, aged whiskey sales surged 29.2%, and the Ingredient Solutions segment achieved a gross profit increase of 102.9%. Despite increased operating expenses, the company remains confident in its strategic growth plans.
MGP Ingredients, Inc. (Nasdaq: MGPI) announced a quarterly dividend of $0.12 per share, payable on December 4, 2020, to stockholders of record as of November 20, 2020. The company continues to be a leading supplier of premium distilled spirits and specialty wheat proteins and starches, showcasing its commitment to shareholder returns through consistent dividend payments.
MGP Ingredients, Inc. (Nasdaq: MGPI) will hold a conference call/webcast on October 29, 2020, at 10 a.m. ET to discuss its third-quarter results for the period ending September 30, 2020. Financial results are expected to be released before market opening on the same day. Participants will include CEO David Colo and CFO Brandon Gall. The event can be accessed through a dedicated webcast link or via a conference call. A replay will also be available on the company's website after the event.
New Columbia Distillers, a subsidiary of MGP Brands, has been recognized by USA Today as one of the Top 10 Best Craft Gin Distilleries in the U.S., ranking fifth overall. This distinction highlights the quality of their flagship product, Green Hat Gin, known for its unique botanical blend. Acquired by MGP Brands in March 2020, New Columbia Distillers operates in an historic Washington, D.C. warehouse and offers a tasting room and gin garden. MGP, which trades under the ticker MGPI, is a leading supplier of premium distilled spirits and specialty food products.
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