However, later that year Treasury bought the majority of the wine business of London-based multinational Diageo. In 2015, Treasury reportedly began reducing its presence in the British market to concentrate on Asia, where margins were much higher. In 2014, the board of directors appointed Michael Clarke, a former food executive with Kraft Foods and Premier Foods, as CEO. Treasury has since worked with Accolade Wines to promote bottling efficiency, strengthening its performance in Asia, Australia, New Zealand and Europe. This eventually led to a class-action by disgruntled shareholders which was settled in 2017. Steamrollers crushed millions of bottles of cheap wine to dispose of excess stock in the United States. This left the business in a more fragile state as shares dropped almost A$2 to just above A$4. įurther write-down of stock worth around A$160 million took place in 2013, followed by the redundancy of David Dearie and appointment of interim chief executive Warwick Every-Burns. Treasury Wine Estates officially became a separately listed company the following month, with David Dearie as its CEO. Fosters Group brewing and wine split Īfter further difficulties in the division resulted in an additional A$1.3 billion write-down, 99 per cent of Fosters Group shareholders agreed at a meeting in Melbourne in April 2011 to split Fosters Group business into separate brewing and wine companies. By 2011, the company had written down the value of the wines division by half since it acquired it at the peak of the market, leaving it worth about A$3.1 billion. In 2008, Foster's chief executive officer Trevor O'Hoy resigned. However, the wine division performed poorly, often draining cash from the highly profitable brewing business. The same year, Fosters acquired the Australian wine-making group Southcorp, adding famous brands including Lindeman's, Penfolds and Rosemount, and around A$1 billion to revenues. By 2005, Beringer Blass was the seventh largest producer of wine in the United States. Through acquisition, it built the division into one of the world's largest winemakers. These include Lindeman's and Penfolds in Australia, and Beringer Vineyards in the United States.įoster's began to build its wine division from 1995 onwards. Treasury Wine Estates traces its roots back to the establishment of several New World wineries in the 19th century. It was formerly the wine division of international brewing company Foster's Group. Treasury Wine Estates is an Australian global winemaking and distribution business with headquarters in Melbourne.
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