Treasury Wine Estates, the Australian wine group behind Penfolds, has cut about 170 jobs worldwide and is selling several brands as it restructures its business following a sharp decline in U.S. earnings. Read More
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The Australian wine giant is cutting production, idling vineyards and considering asset sales in America but a 40% surge in Penfolds’ China sales helped push underlying earnings above guidance. Read More
Treasury Wine Estates has unveiled its most aggressive restructuring in years, announcing plans to cut its stable of 76 wine brands to fewer than 30 as it bets heavily on a small group of premium labels to weather a prolonged global wine downturn. Read More
The Penfolds owner freezes its shares ahead of a crucial market update, following a A$687 million U.S. impairment and weakening demand in China.
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