Penfolds owner Treasury Wine Estates is restructuring its winery assets in California with the sale of the Paicines winery and several small vineyards and an expansion of production at the Beringer winery as it pursues $34 million in cost savings in its United States business.
The overhaul of the Californian winery assets comes six months after Treasury officially became the owner of the United States wine business, which had previously been run by British drinks giant Diageo. Treasury paid $754 million for the Diageo wine business.
Treasury chief executive Mike Clarke is also planning to invest more in the higher-end Californian wineries over the next three years including the Beringer winery in the Napa Valley to increase sup…
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