MGP Ingredients, Inc. (Nasdaq:MGPI), a
leading provider of distilled spirits, branded spirits, and food
ingredient solutions, today announced that its board of directors
has declared a quarterly dividend of $0.12 cents per share of
common stock.
The dividend is payable on June 02, 2023 to
stockholders of record as of May 19, 2023.
About MGP Ingredients, Inc.MGP
Ingredients, Inc. (Nasdaq: MGPI) is a leading producer of premium
distilled spirits, branded spirits, and food ingredient solutions.
Since 1941, we have combined our expertise and energy aimed at
formulating excellence, bringing product ideas to life
collaboratively with our customers.
As one of the largest distillers in the U.S.,
MGP’s offerings include bourbon and rye whiskeys, gins, and vodkas,
which are created at the intersection of science and imagination,
for customers of all sizes, from crafts to multinational brands.
With distilleries in Kentucky, Indiana and Kansas, and bottling
operations in Missouri, Ohio, and Northern Ireland, MGP has the
infrastructure and expertise to create on any scale.
MGP’s branded spirits portfolio covers a wide
spectrum of brands in every segment, including iconic brands from
Luxco, which was founded in 1958 by the Lux Family. Luxco is a
leading producer, supplier, importer and bottler of beverage
alcohol products. Our branded spirits mission is to meet the needs
and exceed the expectations of consumers, associates and business
partners. Luxco’s award-winning spirits portfolio includes
well-known brands from four distilleries: Bardstown, Kentucky-based
Lux Row Distillers, home of Ezra Brooks, Rebel, Blood Oath, David
Nicholson and Daviess County; Lebanon, Kentucky-based Limestone
Branch Distillery, maker of Yellowstone Kentucky Straight Bourbon
Whiskey, Minor Case Straight Rye Whiskey and Bowling & Burch
Gin; Jalisco, Mexico-based Destiladora González Lux, producer of
100% agave tequilas, El Mayor, Exotico and Dos Primos; and the
historic Ross & Squibb Distillery in Lawrenceburg, Indiana,
where the George Remus Straight Bourbon Whiskey and Rossville Union
Straight Rye Whiskey are produced. The innovative and high-quality
brand portfolio also includes Everclear Grain Alcohol, Pearl Vodka,
Green Hat Gin, Saint Brendan’s Irish Cream, The Quiet Man Irish
Whiskey and other well-recognized brands.
In addition, our Ingredient Solutions segment
offers specialty proteins and starches that help customers harness
the power of plants and provide a host of functional, nutritional
and sensory benefits for a wide range of food products.
The transformation of American grain into
something more is in the soul of our people, products, and history.
We’re devoted to unlocking the creative potential of this
extraordinary resource. For more information, visit
mgpingredients.com.
Cautionary Note Regarding
Forward-Looking StatementsThe forward-looking statements
contained herein include, but are not limited to, statements about
the expected effects on MGP Ingredients, Inc. (the "Company," or
"MGP") of continuing consumer trends and our announced expansionary
projects. Forward looking statements are usually identified by or
are associated with such words as “intend,” “plan,” “believe,”
“estimate,” “expect,” “anticipate,” “hopeful,” “should,” “may,”
“will,” “could,” “encouraged,” “opportunities,” “potential,” and/or
the negatives or variations of these terms or similar
terminology.
These forward-looking statements reflect management’s current
beliefs and estimates of future economic circumstances, industry
conditions, Company performance, and Company financial results and
financial condition and are not guarantees of future performance.
All such forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ
materially from those contemplated by the relevant forward-looking
statements. Important factors that could cause actual results to
differ materially from our expectations include, (i) disruptions in
the operations at any of our facilities, (ii) the availability and
cost of grain, flour, and agave, and fluctuations in energy costs,
(iii) the effectiveness of our grain purchasing program to mitigate
our exposure to commodity price fluctuations, (iv) the
effectiveness or execution of our strategic plan, (v) potential
adverse effects to operations and our system of internal controls
related to the loss of key management personnel, (vi) the
competitive environment and related market conditions, (vii) the
impact of COVID-19 and other pandemics, (viii) the effects of
inflation and our ability to effectively pass raw material and
other price increases on to customers, (ix) our ability to maintain
compliance with all applicable loan agreement covenants, (x)
increases in interest rates, (xi) our ability to realize operating
efficiencies, (xii) actions of governments, and (xiii) consumer
tastes and preferences. For further information on these and other
risks and uncertainties that may affect our business, including
risks specific to our Distilling Solutions, Branded Spirits and
Ingredient Solutions segments, see Item 1A. Risk Factors of our
Annual Report on Form 10-K for the year ended December 31,
2022.
For More InformationInvestors &
Analysts:Mike Houston646-475-2998 or
investor.relations@mgpingredients.com
Media:Greg Manis913-360-5440 or
greg.manis@mgpingredients.com
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