Moet, Times Square partner up for New Year’s

Nothing says "New Year's Eve" quite like Champagne and Times Square.

At least that is what Moet & Chandon and the New Year's Eve event organizers of Times Square are thinking. Thomas Bouleuc, vice president of the French winery's U.S. division, said in an interview with CNBC's "Squawk Alley" on Wednesday that the company partnered up with the event organizers. "You could not ask for a more powerful combination," he said.

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Bouleuc added the company conducted a study revealing that 50 percent of Americans want to be drinking champagne on New Year's Eve. "What's even more interesting is, when you look at the millennials, that number becomes 75 percent," he said.

Millennials, as well as millions around the world, will watch the ball drop at Times Square. The ball was designed by Waterford Crystal and consists of 2,688 crystal panels. The ball also tips the scales at 11,875 pounds and will contain over 32,000 LED lights.

Waterford has been designing the New Year's Eve ball since 2001, but it does not build a new one each year. "Every single year, we change 2,288 panels," Tom Brennan, Waterford's top artisan, said in an interview Wednesday with CNBC's "Squawk on The Street."

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Brennan added that the discarded panels are donated to different causes. "We donated the 2001 panels to the 9/11 Museum," he said.