AUS: Foster's close to selling two wineries - report
Australian beer and wine combine Foster's Group is reported to be close to completing the sale of two wineries, Jamieson's Run and Rothbury Estate.
The sell-off, expected to yield around A$20m (US$15m), is part of a winery rationalisation programme following the acquisition of Southcorp, the Australian Financial Review said today (15 May).
Further asset sales are expected as a review of the group's wine operations comes to a conclusion. The company acquired 16 wineries in the takeover and is looking to cut costs at its Southcorp operations.
Jamieson's Run, in the Coonawarra region of South Australia, and Rothbury Estate, which is in the Hunter Valley in New South Wales, were originally put up for sale last August.
The Jamieson's Run winery has the capacity to crush 12,000 tonnes of grapes, while the Rothbury winery has a crushing capacity of around 4,000 tonnes. However, while it is selling the wineries, Foster's is reportedly intending to retain the rights to the brands.
At present, it is not clear who the buyers for the two facilities are. It had been reported that a consortium, including James Yates who operates the Chardonnay Lodge resort in Coonawarra, had tabled a bid of A$10m for Jamieson's Run but no further details have emerged.
Hunter Valley winery Arrowfield was in negotiations to buy Rothbury Estate but talks were thought to have stalled a couple of months ago.
Foster's is also looking to slash the number of warehouses and distribution centres it operates, from 41 to 14, according to the report.
Major brewing groups are clamouring to get into India, which, by dint of its young population, expanding economy and rising personal disposable income offers huge growth potential. International group...
Poland's leading vodka producer Central European Distribution Corporation has seen profits more than double during the third quarter....
A fresh name has entered the race for Independent Liquor with Singapore-based Asia Pacific Breweries applying to study the books of the New Zealand spirits group....
Australia's competition watchdog has reportedly given Lion Nathan the green light to proceed with a full bid for New Zealand's Independent Liquor....
SABMiller would not be drawn on media speculation suggesting a deal to buy Mohan Meakins is on the horizon....
Diageo has formally registered its interest in New Zealand's Independent Liquor....
Foster's Group chairman Frank Swan today (23 October) told the company's shareholders that the company is "confident" it will meet its annual financial targets thanks to growing wine sales in the Amer...
Diageo will next week register its interest in Independent Liquor with Australia's competition watchdog, just-drinks understands....
- Is Brown-Forman doing a Jack Daniel's in Ireland?
- Is Brown-Forman at the end of the SoCo road?
- Is time right for TWE to move for Diageo's wines?
- Are we kidding ourselves over craft spirits?
- Will a sexed-up SABMiller tempt AB InBev?
- Diageo secures Xerox Corp CFO as finance head
- Tesco pulls several Carlsberg SKUs in UK
- Diageo, Treasury Wine Estates quiet on wine sale
- Former Pernod Ricard exec joins Wakefield Wines
- Inver House Distillers posts FY profits leap
- The IWSR Duty Free/Travel Retail Summary Report 2015
- Future growth opportunities for global spirits
- Global gin insights - market data, product innovation and consumer trends research
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends research
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research