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ARGENTINA: Consumption of premium wine increases

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Argentinean wine producers are feeling positive effects in their businessdue to the increase of premium wine consumption, locally and abroad.Covisan, the company of Mendoza acquired Suter for US$15mil a few monthsago. The investment was possible due to Banco Santander Central Hispano thatinvested US$25mil in the company, (of which 15mil in the acquisition ofSuter and the remainder to be invested in the company" expansion).Covisan-Suter is the third major winery in Argentina with a turnover ofUS$70mil per year and plans investments of US$10mil to boost sales in fiveyears. It opened a branch in Sao Paulo, an office in Great Britain andanother in California. Suter exports less than 10% of its wine production.Of Covisan-Suter" total turnover, 60% is from table wine and 40%, from threeyear old and premium wine. The company holds 5% stake in premium wine marketin the country. In table wine, Covisan-Suter controls around 15% of thesales.


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