SPAIN: Lan to build new winery, discards IPO
Spanish spirits group Lan will build a new winery in Burgos, northern Spain to tap into the country's renowned Ribera del Duero wine region, a company official confirmed to just-drinks today (5 November).
Moreover, the company does not intend to launch an initial public offering (IPO) in the near term, the official added. Larger rival United Wineries International has announced plans to float in London next June.
Local investment firm Mercapital, which owns 85% of Lan, took rival firm Baron de Ley public a few years ago.
Lan recently invested EUR2.5m to buy nine winery hectares in the town of Olmedillo de Roa where the new facilities will be built, the official from the marketing department said.
The group, which produces 3m bottles a year, will make its key Marques de Burgos label at the new site.
Lan has also spent EUR700,000 this year on upping production and improving product quality.
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