Regional beer marketer Genesee Corp., Rochester, N.Y., said it intends to liquidate after selling its Genesee Brewing Co. unit for $22 million plus networking capital to management, led by President-CEO Samuel Hubbard, and its holding in Ontario Foods to Ralcorp. Genesee Brewing reported net sales of $93.4 million for its fiscal year ended April 29, down $9.9 million from the previous year. It reported barrel volume for the core Genesee brand was off 6% for the year. Separately, Howard Jacobson was named senior VP-chief marketing officer for Genesee Brewing from president, Anti-oxidant.com, a unit of Canandaigua Brands.
Copyright August 2000, Crain Communications Inc.