MGP Ingredients Changes Its Name and Ticker to CASK Effective Nov. 2
Key Facts
MGP Ingredients announced that its name will change to Symbion and its Nasdaq ticker will become CASK effective Nov. 2, 2026. The company said in its filing that the name and ticker changes will take effect on that date. The announcement comes as the company moves from a single distilling business to operations spanning branded spirits, distilling solutions and ingredient solutions. The company said in an earlier announcement that the new name reflects its evolution over more than 85 years. On Oct. 27, its shares closed at $15.32, compared with $15.52 in the previous session.
In a presentation on the company's evolution, Chief Executive Julie Francis said it had grown since 1941 from one distillery into three businesses. That expansion included the 2021 Luxco acquisition, which brought together a spirits portfolio with distilling, bottling and distribution capabilities, according to the company. She added that this foundation paved the way for the 2023 acquisition of Penelope Bourbon and accelerated its growth. The brand portfolio includes Penelope Bourbon and Yellowstone, which led premium-category momentum, according to the company's comments on its second-quarter results. The new name brings these three businesses under one identity, the company said.
At the same time, the company is seeing uneven performance across its segments, attributing lower sales mainly to an expected decline in brown whiskey sales in Distilling Solutions and a drop in internationally sold private-label bottled products. Growth in Ingredient Solutions offset part of the decline, it said. Sales growth in that segment came from specialty wheat proteins and biofuel co-products, according to its filing. But starch waste costs weighed on Ingredient Solutions' profitability. In the second quarter, Distilling Solutions sales fell 42% to $29.2 million from $50 million in the year-earlier period, as brown whiskey sales declined 59% amid continued weakness in demand for aged and newly distilled whiskey.
In the branded spirits segment, second-quarter sales rose 3% excluding the Other Products category, which consists mainly of private-label bottled products. Sales in the premium brands category grew 5%, while Penelope Bourbon sales increased 13% from the year-earlier period. Francis said the quarter's results reflected continued momentum in the premium portfolio, led by Penelope Bourbon and Yellowstone. She also pointed to improvement in selected brands in the mid- and lower-priced categories, as well as growth in Ingredient Solutions sales. Consolidated second-quarter sales fell 15% to $124.4 million from $145.5 million, while gross profit declined 20% to $46.5 million.
In July, the company maintained its fiscal 2026 outlook, setting sales at between $480 million and $500 million. It expected adjusted EBITDA of between $90 million and $98 million. It also maintained its adjusted diluted earnings per share range of $1.50 to $1.80. The company said second-quarter results showed momentum in premium brands and growth in Ingredient Solutions, alongside continued pressure on Distilling Solutions. That means the annual outlook range announced in July remains a reference point for assessing the performance addressed in the company's business update.
The company had scheduled a call to discuss results and provide a business update for Oct. 28, 2026, at 10 a.m. Eastern time. The call comes after the stock closed at $15.32 on Oct. 27, down from $15.52 the previous day. On Nov. 2, the official name will change to Symbion and the Nasdaq ticker to CASK. The company attributed its choice of name to its evolution over more than 85 years and the expansion of its operations since 1941. Those operations include branded spirits, Distilling Solutions and Ingredient Solutions.