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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Diageo    DGE   GB0002374006

DIAGEO (DGE)
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Diageo : Empire State Development Announces Diageo North America to Relocate North America Office to New York City

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01/11/2019 | 08:15am EST

ALBANY, New York, Jan. 10 -- New York Empire State Development issued the following news release:

* * *

- Diageo will invest $31 million to create new primary North America office at 3 World Trade Center, drawing 350 jobs to New York City

* * *

Empire State Development (ESD) today announced that British-based Diageo, one of the largest alcohol beverage companies in the world, will relocate its primary North America office to New York City from Norwalk, Connecticut. Diageo will invest $31 million in the new 87,000 square foot office located at 3 World Trade Center. The project will attract 350 new jobs to the city and preserve roughly 150 existing Diageo jobs in New York City. Diageo North America will also continue to have a presence in Fairfield County, Connecticut.

Operating as a global business with more than 200 brands in 180 countries, Diageo's anticipated New York City office will host an estimated 500 total jobs and drive Diageo'sNorth America business. Members of the company's commercial, marketing, legal, finance, human resources, corporate relations, and supply and procurement teams will operate from there.

Empire State Development President, CEO and Commissioner Howard Zemsky said: "Thanks to smart investments in education, infrastructure and our business ecosystem, New York's economy is still booming - and attracting major, multinational companies like Diageo. New Yorkers should raise a glass to this project and the hundreds of new jobs it creates, which will help continue to grow and diversify our economy."

Deirdre Mahlan, President of Diageo North America said: "We are delighted to partner with New York State on this exciting new chapter for Diageo North America. We are confident that this move will further expand our access to diverse talent pools and capabilities, while helping us create the vibrant culture and workplace of the future that we aspire to."

The planned relocation is being supported by New York State through up to $6.6 million in performance-based Excelsior Tax Credits. The $31 million project is expected to be completed in early 2020.

The announcement comes shortly after Diageo was named among the top 25 most diverse and inclusive companies for the third consecutive year, according to Thomson Reuters Diversity and Inclusion Index. Diageo has consistently been recognized among the best companies in the world in which to work, including recent accolades such as Britain'sMost Admired Company 2018 by Management Today; 100 percent score in the Human Rights Campaign (HRC) Corporate Equality Index; and Working Mother Magazine's "100 Best Companies for Working Mothers". Diageo's selection of New York City as its North American hub highlights the company's ongoing efforts to place attraction and retention of top talent, boosting diversity and celebrating inclusion at the heart of their business.

About Diageo

Diageo is a global leader in beverage alcohol with an outstanding collection of brands including Johnnie Walker, Crown Royal, Bulleit and Buchanan's whiskies, Smirnoff, Ciroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness. Diageo is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE) and our products are sold in more than 180 countries around the world. For more information about Diageo, our people, our brands, and performance, visit us at www.diageo.com. Visit Diageo's global responsible drinking resource www.DRINKiQ.com, for information, initiatives and ways to share best practice.

Follow us on Twitter for news and information about Diageo North America: @Diageo_NA. Celebrating life, every day, everywhere.

About Empire State Development

Empire State Development (ESD) is New York's chief economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo's Regional Economic Development Councils and the marketing of "I LOVE NEW YORK," the State's iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.

© 2019 Targeted News Service, source News Service

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Financials (GBP)
Sales 2019 12 736 M
EBIT 2019 4 118 M
Net income 2019 3 096 M
Debt 2019 10 274 M
Yield 2019 2,51%
P/E ratio 2019 21,80
P/E ratio 2020 20,41
EV / Sales 2019 6,08x
EV / Sales 2020 5,81x
Capitalization 67 137 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 29,2  GBP
Spread / Average Target 5,9%
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NameTitle
Ivan M. Menezes Chief Executive Officer & Executive Director
Javier Ferrán Chairman
Kathryn A. Mikells Chief Financial Officer & Executive Director
Evan Mervyn Davies Senior Independent Non-Executive Director
Kwon Ping Ho Independent Non-Executive Director
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