The go is part of continuing efforts by TWE, owner of Penfolds, Wolf Blass and Beringer, to cut costs and reduce production capacity in the face of falling profits.
The companionship is also looking to optimise its supply chain and break production of its ‘luxury’ and ‘masstige’ wines from its lower-priced commercial bottlings.
At the end of Development, it announced a raft of changes in Australia and California, including the closure of the Asti facility, as well as selling off the recently closed Ryecroft winery in McLaren Vale, T’Dauntless in Mornington Peninsula and the Bailey’s winery in Glenrowan.
The companionship recorded a 60% fall in net profits in the six months to 31 December, with chief executive Michael Clarke saying in Development that TWE was in the midst of a ‘re-set year’.
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