The embattled Australian winemaker Southcorp is thought to be reviewing whether to sell or shut down some of its 12 wineries, as part of its cost cutting programme Project Veraison.
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The reports were made by The Australian Financial Review, which called the review the biggest shake up in the company’s history.
Southcorp chief financial officer Steve McClintock was quoted by the paper as saying that the review of Southcorp’s assets was expected to be completed by the end of the current financial year.
Project Veraison has apparently identified more than 50 areas for improvement and cost-cutting. The plan has been put in place to improve margins from 2003 by 3-4%, while reducing capital expenditure in 2004 to around A$40m. The plan will also review Southcorp’s asset base and create a new marketing strategy for the UK.
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