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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
3500
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 several New World wineries in the 19th century. These include Lindeman's and Penfolds in Australia, and Beringer Vineyards in the United States.

Foster's began to build its wine division from 1995 onwards. Through acquisition, it built the division into one of the world's largest winemakers. By 2005, Beringer Blass was the seventh largest producer of wine in the United States.[2] 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.

However, the wine division performed poorly, often draining cash from the highly profitable brewing business. In 2008, Foster's CEO Trevor O'Hoy resigned.[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 resulted in an additional A$1.3 billion write-down, 99 per cent of Fosters Group shareholders agreed at a meeting in Melbourne on 29 April 2011 to split Fosters Group business into separate brewing and wine companies. Treasury Wine Estates officially became a separately listed company the following month, 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 A$160 million took place in 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 dropped almost A$2 to just above A$4. Treasury has since worked with Accolade Wines to promote bottling efficiency, strengthening its performance in Asia, Australia, New Zealand and Europe.

In July 2016 Treasury Wine Estates slimmed down its wine portfolio, announcing the sale of 12 'commercial' wine brands in the United States. The sale of the US brands represents around one million cases of wine. [6]

Operations

The business is divided into four global regions: Australia and New Zealand; The Americas; Europe; and the Middle East, Africa and Asia. Globally the company manages over 12,000 hectares of vineyards with 3,500 employees in 12 countries, with sales totalling over 35 million cases of wine annually, generating revenues of A$2 billion.[7]

Brands

Winery Appellation/Region Country External link Notes[8]
19 Crimes [1]
Acacia Winery Los Carneros United States [2]
Annie's Lane Clare Valley Australia [3] Previously named "Quelltaler". Other labels: Copper Trail.[9]
Bailey's of Glenrowan North-East Victoria Australia [4] [10]
Beaulieu Vineyard Rutherford United States [5]
Belcreme De Lys Central Coast United States
Beringer Vineyards Napa Valley United States 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.[11]
Blossom Hill Central Coast United States [6]
Castello di Gabbianno Tuscany Italy [7]
Chateau St. Jean Sonoma Valley United States
Coldstream Hills Yarra Valley Australia [8] [12]
Devil's Lair Margaret River Australia [9] [13]
Etude Los Carneros United States [10]
Fifth Leg Margaret River Australia [11] [14]
Greg Norman Estates (various)
Heemskerk Tasmania Australia [12] Other labels: Abel's Tempest, Georg Jensen [15]
Hewitt Vineyard Rutherford United States [13]
Ingoldby McLaren Vale Australia [14] [16]
Jamiesons Run Limestone Coast Australia [15] [17]
Killawarra "South Eastern Australia" Australia [16] Created by Seaview in 1971.[18]
Leo Buring Clare Valley &
Eden Valley		 Australia [17]
Lindemans Hunter Valley &
Coonawarra		 Australia [18] [19]
Matua Valley Wines Marlborough New Zealand [19] Other labels: Angel Cove[20]
Meridian Central Coast United States [20]
Metala Langhorne Creek Australia [21]
Penfolds Adelaide &
Barossa Valley		 Australia [22] [21]
Pepperjack Barossa Valley Australia
Provenance Vineyards Rutherford United States [23]
Rawson's Retreat "South Eastern Australia" Australia
Rosemount McLaren Vale Australia
Rosenbloom Celars [24]
Run Riot Central Coast United States
Saltram
Secret Stone Marlborough New Zealand
Seppelt Victoria Australia
Shingle Peak Marlborough New Zealand
Sledgehammer Sonoma County United States
Squealing Pig New Zealand
St Hubert's Yarra Valley Australia
Stags' Leap Winery Napa Valley United States
Stellina di Notte Veneto Italy
Sterling Vineyards Napa Valley United States
T'Gallant Victoria Australia
Wolf Blass
Wynns Coonawarrra Australia
Yellowglen
Colores del Sol Argentina
Emma Pearl Central Coast United States
Santa Barbara Collection Central Coast United States
Sbragia Family Vineyards Sonoma County &
Napa Valley		 United States
St-Clement Napa Valley United States
Tierra Secreta Argentina
Maison de Grand Esprit "France" [25] [22]
Piat d'Or

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. ^ "Treasury Wine Estates dumps cheaper US brands". ABC Rural. 3 July 2016. Retrieved 2 November 2016.
  7. ^ "About Us". Treasury Wine Estates. Retrieved 29 April 2011.
  8. ^ Brands datas
  9. ^ Annie's Lane
  10. ^ Bailey's of Glenrowan
  11. ^ Beringer Vineyards
  12. ^ Coldstream Hills
  13. ^ Devil's Lair
  14. ^ Fifth Leg
  15. ^ Heemskerk
  16. ^ Ingoldby
  17. ^ Jamiesons Run
  18. ^ Killawarra
  19. ^ Lindemans
  20. ^ Matua Valley Wines
  21. ^ Penfolds
  22. ^ Maison de Grand Esprit
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