Brewer Genesee Starts Liquidation Sales

Genesee Corp. agreed to sell its namesake brewing unit to a group led by Chief Executive Samuel Hubbard Jr. for more than $22 million as part of its plan to liquidate the company. The No. 5 U.S. brewer said it also will sell its Ontario Foods division to Ralcorp Holdings Inc. Terms of that transaction weren’t disclosed. Rochester, N.Y.-based Genesee, which began making beer in 1878, expanded its operations a few years ago to include food processing, equipment leasing and real estate as the company tried to offset slumping sales of its traditional brewing business. Genesee’s more actively traded Class B shares rose $5.31 to close at $28.56 on Nasdaq.