AUSTRALIA: Southcorp announces A$59m in merger write-downs and costs

By Tony Baker | 2 August 2001

The Australian wine group Southcorp has announced write-downs of A$45m (US$23m) in wine inventory folowing the merger with Rosemount Wines. Chief executive Keith Lambert also said that previously announced wine group redundancies of 150 people, costing A$10.5m in the fiscal year just ended, had occurred and normal merger costs to effect the integration, costing a further A$4.0m, would be charged against fiscal 2001

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The Australian wine group Southcorp has announced write-downs of A$45m (US$23m) in wine inventory folowing the merger with Rosemount Wines. Chief executive Keith Lambert also said that previously announced wine group redundancies of 150 people, costing A$10.5m in the fiscal year just ended, had occurred and normal merger costs to effect the integration, costing a further A$4.0m, would be charged against fiscal 2001

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