February 20, 2021

assets

Australia’s Treasury Wine to overhaul business, sell assets as Chinese tariffs bite

(Reuters) – Treasury Wine Estates plans a major overhaul of its business that includes the likely sale of low priority brands and other assets, aiming to gain at least A$300 million ($230 million) as it reels from the impact of steep Chinese tariffs on Australian wine.

FILE PHOTO: Bottles of Penfolds Grange, a Treasury Wine Estates brand, on sale at a wine shop in Sydney, Australia, August 4, 2014. REUTERS/David Gray

The restructuring was unveiled on Wednesday as the world’s largest listed winemaker reported a 43% slump in first-half net profit to A$120.9 million ($94

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