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☆ Australia's Treasury Wine to buy US-based DAOU Vineyards for $900 mln
▼ + stars: | 2023-10-30 | by ( Roushni Nair | ) www.reuters.com time to read: +3 min

Bottles of Penfolds Grange, made by Australian wine maker Penfolds and owned by Australia's Treasury Wine Estates, sit on a shelf for sale at a wine shop in central Sydney, Australia, August 4, 2014. The wine producer has been resetting its strategy in an attempt to diversify outside of China, which used to contribute a third of its profits, after Beijing imposed tariffs on Australian wine in 2021 when Canberra called for an inquiry into the origins of COVID-19. The winemaker's combined premium and luxury portfolios delivered double-digit gross profit growth in fiscal 2023, according to its annual report. Including cost synergies of more than $20 million, the acquisition is expected to be mid to high-single-digit earnings per share (EPS) accretive in fiscal 2025, the first year of Treasury owning DAOU. Treasury said it would also issue A$157 million of new shares to the existing owners of DAOU.

Persons: David Gray, Penfolds Grange, Frank Family, Phillip Kimber, Roushni Nair, Shailesh Kuber, Krishna Chandra Eluri, Jamie Freed Organizations: Australia's Treasury Wine Estates, REUTERS, China Deal, Wine Estates, Treasury, P Capital, Thomson Locations: Australian, Sydney, Australia, China, Beijing, Canberra, Americas, Bengaluru

☆ Australia's Treasury Wine surges on hopes of China revival
▼ + stars: | 2023-10-23 | by ( Archishma Iyer | ) www.reuters.com time to read: +2 min

SummaryCompanies China agrees to expedited review of wine import tariffsTreasury Wine gets set to rebuild China businessTreasury shares jump 5%Oct 23 (Reuters) - Australia's Treasury Wine Estates (TWE.AX) said on Monday it is well placed to rebuild its business in China, sending its shares up more than 5%, should Beijing's tariffs on Australian wine be removed as signalled by the two countries on the weekend. "Should tariffs be removed, these measures will be implemented sustainably and with the aim of growing the business in China," Treasury Wine, the world's biggest standalone winemaker, said in a statement. Treasury Wine used to make one-third of its profit in China but lost most of that business when Beijing imposed tariffs on Australian wine in 2021, after Canberra called for an inquiry into the origins of COVID-19. "If the tariffs are removed, we see this as a significant positive for the Australian wine export industry and specifically Treasury Wine," Goldman Sachs analysts said in a research note. Measures for reviving its China business would include shifting a portion of Penfolds Luxury from other markets back to China and rebuilding distribution for the Penfolds Australian entry-level luxury portfolios, the company said.

Persons: Treasury Wine, Goldman Sachs, Archishma Iyer, Lisa Shumaker, Diane Craft, Sonali Paul Organizations: Treasury Wine, Treasury, Wine Estates, Sunday China, Thomson Locations: China, Beijing, Canberra, Bengaluru

☆ Australia's Treasury Wine looks to rebuild China business after tariff review
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +2 min

Oct 23 (Reuters) - Australia's Treasury Wine Estates (TWE.AX) said on Monday it is well placed to rebuild its business in China, should tariffs by China of the country's wine be removed, as signalled by the Australian government on Sunday. The Australian government, which is currently rebuilding its economic ties with Asia's largest economy, had said that an expedited review of tariffs on Australian wine into China will commence and is expected to take up to five months. "Should tariffs be removed, these measures will be implemented sustainably and with the aim of growing the business in China," the company said in a statement. Some of the measures for Treasury Wine to build its China business include a re-allocation of a portion of Penfolds Luxury from other global markets back to China and to re-build its distribution for the Penfolds Australian entry-level luxury portfolios. The world's biggest standalone winemaker used to derive a third of its profits from China, before anti-dumping and subsidy tariffs of up to 212% were imposed on Australian wine in late 2020.

Persons: Archishma Iyer, Lisa Shumaker, Diane Craft Organizations: Wine Estates, Treasury Wine, Treasury, Thomson Locations: China, California, Australia, Bengaluru

☆ The wine industry has been 'very adaptive' to climate change, says Penfolds' chief winemaker
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe wine industry has been 'very adaptive' to climate change, says Penfolds' chief winemakerPeter Gago, chief winemaker at Penfolds, discusses the demand for wine and how the industry has dealt with climate change.

Persons: Penfolds, Peter Gago

☆ Treasury Wine Estates profit falls on lower US sales
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

Bottles of Penfolds Grange, a Treasury Wine Estates brand, on sale at a wine shop in Sydney, Australia, August 4, 2014. REUTERS/David Gray/File PhotoAug 15 (Reuters) - Australia's Treasury Wine Estates (TWE.AX) reported a 3.3% fall in annual profit on Tuesday, mainly hurt by a decline in wine sales in the United States. A decline in shipment of premium products and low availability of luxury wines pressured sales at the Treasury America segment, the largest contributor to the winemaker's revenue. The company reported a net profit after tax of A$254.5 million for the year ended June 30, compared with A$263.2 million a year earlier. Reporting by Nausheen Thusoo and John Biju in Bengaluru; Editing by Shinjini Ganguli and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, John Mullen, Paul Rayner, Nausheen Thusoo, John Biju, Shinjini Ganguli, Shounak Organizations: Treasury Wine Estates, REUTERS, Wine Estates, Treasury America, Thomson Locations: Grange, Sydney, Australia, United States, Melbourne, Bengaluru

☆ This country has the best wines in the world for 2023
▼ + stars: | 2023-06-07 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +5 min

But one country has just triumphed over all the rest in the Decanter World Wine Awards 2023, the world’s biggest and most established wine competition, now in its 20th year. It was a victory for the New World as 10 Australian wines were named Best in Show, more than any other country. Italy had seven Best in Shows – all reds from Tuscany and Piedmont – while Portugal (three Best in Shows) – excelled in Port and Madeira. It’s Croatia – Slovenia makes wonderful wines, really really good – Slovakia, all around there.”Judges at the awards tasted up to 90 wines a day. London Food and Drink Photography/Decanter World Wine Awards 2023/Nic Crilly-HargraveThe future of wine regionsWith countries around the world regularly hitting record temperatures, climate change is already having an effect on established wine regions.

Persons: McLaren, Blanc, Château, De, –, Nic Crilly, Sarah, Jane Evans, you’re, “, Hargrave, ”, Evans, it’s Organizations: CNN, McLaren Vale, London ., London . London Food, Hargrave, Croatia –, London Food, ” Regions, of Locations: Portugal’s Douro, Napa Valley, Western, Margaret River, France, Spain, Champagne, Bordeaux, Italy, Tuscany, Piedmont –, Portugal, Port, Madeira, Greece, South Africa, Austrian, Chilean, Serbian, Oregon, New Zealand, London, London . London, Royal, South Korea, Balkans, Croatia, Croatia – Slovenia, Slovakia, California, they’re, Kent , Sussex, Hampshire, Surrey, of England

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