AUSTRALIA: Foster's investing in new wine plant
Foster's Group is planning to invest in a purpose-built wine bottling and warehousing plant. The new facility, to be located adjacent to its Wolf Blass winery in South Australia, will be built at a cost of A$69m (US$49.48m).
The beer and wine group said that the plant will have an annual production capacity of 10m cases. The development forms part of a supply-chain efficiency drive being implemented after the Beringer Blass Wine operational review was completed in June.
Foster's said that the new plant will consolidate the majority of Beringer Blass' wine packaging in the Wolf Blass winery and reduce costs.
The company is seeking A$60m of cost savings across Beringer Blass by the year to June 2007, and A$85m by 2009 as a result of the review, Foster's added.
A revised assessment by Southcorp's independent expert has valued the company's shares closer to the bid value offered by Foster's Group....
Australian liquor giant Foster's bid for winemaker Southcorp is gathering momentum....
As one takeover story trundles on, another one has just moved up a gear....
The chief executive of Foster's believes the global premium wine industry is on the upturn....
Foster's Group Ltd is expected to announce that it is lifting its offer for fellow Australian Southcorp, transforming three months of corporate hostility into a friendly takeover....
Shares in Southcorp and Foster's have been halted from trading, pending an announcement....
Southcorp's share price has dropped below the offer price made by Foster's for the first time today (18 April)....
Foster's Group is considering upping its bid for Southcorp prior to extending its offer once again....
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