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AUSTRALIA: Southcorp announces operations review

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Southcorp, one of the four big Australian wine producers, has announced a second wave review of its operations following what was effectively a
reverse take-over by Rosemount.

Chief executive Keith Lambert, formerly of Rosemount, said it would be completed by the end of the year and would concentrate on restructuring within Australia and possibly acquisition of a small Californian winery with under-developed brands.

Lambert did not put a figure on anticipated savings but said they would be in addition to the A$50m (US$26m) which flowed from the initial four month restructuring.

Southcorp is also expected to receive about A$700m from the sale of its water heating division which is now in progress.


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