ARGENTINA: Consumption of premium wine increases
Argentinean wine producers are feeling positive effects in their businessdue to the increase of premium wine consumption, locally and abroad.Covisan, the company of Mendoza acquired Suter for US$15mil a few monthsago. The investment was possible due to Banco Santander Central Hispano thatinvested US$25mil in the company, (of which 15mil in the acquisition ofSuter and the remainder to be invested in the company" expansion).Covisan-Suter is the third major winery in Argentina with a turnover ofUS$70mil per year and plans investments of US$10mil to boost sales in fiveyears. It opened a branch in Sao Paulo, an office in Great Britain andanother in California. Suter exports less than 10% of its wine production.Of Covisan-Suter" total turnover, 60% is from table wine and 40%, from threeyear old and premium wine. The company holds 5% stake in premium wine marketin the country. In table wine, Covisan-Suter controls around 15% of thesales.
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