Treasury Wine sells winery, assets - Business Spectator
Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report. Along with Robert Gottliebsen and Stephen Bartholomeusz, Alan also founded Business Spectator, the popular business news and commentary website. The world's second-biggest listed winemaker Treasury Wine Estates has offloaded a number of assets in a continued bid to simplify its supply chain across the US and Australia. The company said today it had sold its Asti Winery, its Souverain brand and inventory, and co-located vineyard assets in California's Sonoma County to E. & J. Gallo Winery. Treasury said part of the deal included entering into a long term lease-back agreement of part of the vineyard that provided the company with luxury fruit, forcing Treasury to log a writedown of around $US7. 5 million in its 2015 financial year... The deal forms part of Treasury's business strategy to simplify its supply chain and remove excess capacity from the group, in both the US and Australia. A NOTE ABOUT RELEVANT ADVERTISING: We collect information about the content (including ads) you use across this site and use it to make both advertising and content more relevant to you on our network and other sites. Source: www.businessspectator.com.au
