CHILE: Vina Concha y Toro reviews spending plan
Concha y Toro may spend $40m in 2010
Wine producer Vina Concha y Toro has begun a review of spending plans for 2010 following the earthquake that hit Chile earlier this year.
The group's latest draft plan would see it spend US$40m on wine facilities this year, a spokesperson for Concha y Toro told just-drinks yesterday (27 April).
"It is not a definitive figure because management and the directors are reviewing the budgets as a consequence of the earthquake," said the spokesperson.
Chile's wine industry has estimated damage of at least US$430m from the quake, which claimed nearly 1,000 lives when it struck at the end of February.
Concha y Toro was forced to temporarily suspend production, but the group said its grape harvest was unaffected and that its four production plants were fully operational within two weeks of the earthquake.
The group pledged to continue with its vineyard planting programme, which is expected to yield between 400 and 500 hectares of new vines in 2010.
"When it comes to the cellars and wineries, resources will be channelled into repairing damaged structures and adding capacity that was lost," said the company spokesperson.
"The company is continuing its extensive programme of investment in vineyard sites and winemaking facilities, factoring in the effects of the earthquake," she said.
Vina Concha y Toro has lined up an advertising campaign for its Casillero del Diablo wine brand in the UK....
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