GLOBAL: Treasury Wine Estates eyes vineyards in cooler regions - report
TWE is aiming to acquire vineyards in coolers regions
Treasury Wine Estates (TWE) is looking to buy vineyards in cooler areas as the impact of climate change takes effect, the company's CEO has revealed.
In an interview, quoted by Bloomberg last week, David Dearie said the group's acquisition teams are looking at sites in the state of Tasmania. “As the world heats, Tasmania’s very well positioned because of the cooler climate,” Dearie was quoted as saying.
“We’ve got out of places like the Hunter (valley). In the longer term, I think it will be hot and dry and expensive.”
Dearie also said the Melbourne-headquartered company, formerly part of Foster's Group, is looking to source more high-quality land in the US, Australia and New Zealand to meet demand for premium wines.
He also revealed the company is eyeing vineyards in France to help it break into the Asian market, but that prices are currently too high.
In February, TWE reported a sharp drop in half-year net profits and a dip in sales due to rising costs.
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