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Treasury Wine Estates

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Treasury Wine Estates
Company typePublic (ASX: TWE)
IndustryWinemaking
Founded2011
HeadquartersSouthbank, Melbourne, Australia
ProductsWynns Coonawarra
Lindemans
Seppelts
Wolf Blass Wines
Penfolds Wines
RevenueA$2 billion
Number of employees
4,000
WebsiteTreasuryWineEstates.com

Treasury Wine Estates is an Australian-based global winemaking and distribution business. It is headquartered in Southbank, Melbourne, Victoria, and until a demerger in May 2011,[1] was the wine division of international brewing company Foster's Group.

History

Treasury Wine Estates traces its roots back to the establishment of Penfolds in Adelaide (South Australia) in the mid-1840s, and the 1876 founding of Beringer Vineyards in the Napa Valley (California, US).

Foster's began to build its wine division from 1995 onwards. Through acquisition, it built the division in to one of the world's largest wine makers. In 2005, it acquired the Australian wine-making group Southcorp, adding famous brands including Penfolds, Lindemans and Rosemount, and around A$1 billion to revenues.

In 2005, Beringer Blass was the seventh largest producer of wine in the United States.[2]

However, the division was always both a poor performing business, and often a cash drain on the highly profitable brewing business. On 10 June 2008, Foster's CEO Trevor O'Hoy resigned after poor performance by the wine division.[3] 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.[4]

After further difficulties in the division resulting in an additional A$1.3 billion write-down in early 2011, at a meeting in Melbourne on 29 April 2011, 99% of Fosters Group shareholders agreed to split Fosters Group business into separate brewing and wine companies.

Treasury Wine Estates officially became a separately listed company on 9 May 2011, with David Dearie as its CEO. The scheme of arrangement for the demerger of Treasury Wine Estates from Foster's Group was implemented on 20 May 2011.[5]

Further write down of stock worth around $160m (AUD) took place mid 2013, followed by the redundancy of David Dearie and appointment of interim CEO Warwick Every-Burns. This left the business in a more fragile state as shares have dropped almost $2 (AUD) to just above $4. TWE now works with Accolade to promote bottling efficiency across regions, stronger re-enforcing its performance in Asia, Australia, New Zealand and Europe.

Operations

The business is divided into four global regions: Australia and New Zealand; The Americas; Europe; Middle East & Africa and Asia. Globally the company manages over 12,000 hectares of vineyards with 4,000 employees in 12 countries, with sales totalling over 35 million cases of wine annually, generating revenues of A$2 billion.[6]

Brands

Refer to http://www.tweglobal.com/brands for the latest data.

Winery Region Notes
Abel's Tempest Tasmania [1] Only available in Tasmania.[7]
Angel Cove Marlborough [2]
Annie's Lane Clare Valley [3] Previously named "Quelltaler". Other labels: Copper Trail.[8]
Bailey's of Glenrowan NE Victoria [4] [9]
Coldstream Hills Yarra Valley [5] [10]
Devil's Lair Margaret River [6] [11]
Fifth Leg Margaret River [7] [12]
Great Western W Victoria [8] Originally a Seppelt's label.
Heemskerk Tasmania [9] [13]
Ingoldby McLaren Vale [10] [14]
Jamiesons Run Limestone Coast [11] [15]
Killawarra "SE Australia" [12] Created by Seaview in 1971.[16]
Leo Buring Clare Valley &
Eden Valley		 [13]
Lindemans Hunter Valley &
Coonawarra		 [14] [17]
Maglieri McLaren Vale [15]
Matua Valley Wines Marlborough [16] [18]
Metala Langhorne Creek [17]
Mildara Riverland &
Coonawarra		 [18]
Penfolds Adelaide &
Barossa		 [19] [19]
Pepperjack Barossa Valley
Robertson's Well Coonawarra
Rosemount McLaren Vale
Rothbury Estate Hunter Valley
Rouge Homme Coonawarra
Saltram
Seaview
Secret Stone New Zealand
Seppelt Victoria
Squealing Pig New Zealand
St Hubert's Yarra Valley
T'Gallant Victoria
Tollana
Valley of the Giants
Wolf Blass
Wynns Coonawarrra
Yarra Ridge
Yellowglen
Beringer Vineyards Napa Valley The oldest continuously operating winery in the Napa Valley, founded 1876.
The winery is on the National Register of Historic Places as a Historic District.[20]
Cellar No. 8 Sonoma County [20] [21]
Chateau St-Jean Sonoma County
Colores del Sol Argentina
Emma Pearl Central Coast
Etude Carneros
Greg Norman Estates (various)
Meridian Central Coast
Santa Barbara Collection Central Coast
Sbragia Family Vineyards Sonoma County &
Napa Valley
Sledgehammer Sonoma County
St-Clement Napa Valley
Stags' Leap Winery Napa Valley
Tierra Secreta Argentina
Castello di Gabbianno Tuscany [21]
Maison de Grand Esprit "France" [22] [22]

References

  1. ^ http://www.fostersgroup.com/news/demerger-scheme-effective.aspx
  2. ^ T. Stevenson The Sotheby's Wine Encyclopedia Fourth Edition p. 468 Dorling Kindersly 2005 ISBN 0-7566-1324-8.
  3. ^ Takeovers rarely work for shareholders, Michael West (10 June 2008) smh.com.au.
  4. ^ "Foster's shareholders decide wine and beer don't mix". ABC News. 29 April 2011. Retrieved 29 April 2011.
  5. ^ "Foster's Group Implements Treasury Wine Estates Demerger". Just Drinks. 23 May 2011. Retrieved 11 March 2016.
  6. ^ "About Us". Treasury Wine Estates. Retrieved 29 April 2011.
  7. ^ Abel's Tempest
  8. ^ Annie's Lane
  9. ^ Bailey's of Glenrowan
  10. ^ Coldstream Hills
  11. ^ Devil's Lair
  12. ^ Fifth Leg
  13. ^ Heemskerk
  14. ^ Ingoldby
  15. ^ Jamiesons Run
  16. ^ Killawarra
  17. ^ Lindemans
  18. ^ Matua Valley Wines
  19. ^ Penfolds
  20. ^ Beringer Vineyards
  21. ^ Cellar No. 8
  22. ^ Maison de Grand Esprit
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