AUSTRALIA: Barrington makes second acquisition this month
The move comes only days after the company entered into a sale agreement to acquire Haselgrove Premium Wines in McLaren Vale, South Australia from Cranswick Wines, which is due for completion by the end of June 2001.
Today's announcement coincides with the registration of the company's new name as Barrington Estates Limited (Barrington).
The company said in a statement: "This strategic initiative paves the way for the company to become a leading 'super premium' branded wine group, with a vineyard and winery in all of the major Australian wine growing regions."
The acquisitions see Barrington move into the top 25 Australian wine producers in Australia, with a combined annual crush of 6,400 tonnes and a sales forecast financial year ending June 2002 of over 200,000 cases.
Group general manager Charles Gibb said: "The Barrington Estates brand portfolio is unique and these acquisitions strategically position our business to take advantage of the growing domestic and international demand for super premium, regional Australian wines.
"While each of the Estates acquired have individual wine portfolio's, emphasis will be placed on providing consumers with quality branded wines that exhibit the true regional characteristics", he added.
The company said it business strategy would now focus on sales, marketing and brand development. "The company's primary objective is to become a major player in the global wine market specialising in super premium and iconic wine brands," it added.
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