The Spanish winemaker Bodegas Torres is to close its Chinese bottling plant, according to the Spanish press reports today.
The company’s president Miguel Torres blamed low returns on investment and a fall in import duties into China, which has meant it is now cheaper to import into China than maintain the facility.
Bodegas Torres has been in China since 1998.
The company said that it expects turnover for 2003 to reach €200m (US$230.32m), with sales of 24 million bottles of wine to over 129 countries, half of which will be exported.
