Australia's Treasury Wine, to cope with virus, weighs Penfolds demerger, U.S. cutback [Reuters]
TREASURY WINE EST S/ADR (TSRYY)
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Source: Reuters
Australia's Treasury Wine, to cope with virus, weighs Penfolds demerger, U.S. cutback SYDNEY (Reuters) - Australia’s Treasury Wine Estates Ltd ( TWE.AX ) said it may spin off the prestigious Penfolds label and shrink its low-end “commercial” division in the United States as it seeks ways to grow profit amid upheaval brought by the coronavirus crisis. The world’s biggest stand-alone winemaker said it was weighing up the measures as restrictions on movement around the world to slow the spread of the illness upend its sales, although it said people were buying more cheap wine to drink at home. A Penfolds spin-off would give investors a chance to own shares of one of the world’s best-selling high-end drops without exposure to changes in the profitability of mid-range and lower-end products. Treasury also has the Wolf Blass, Lindeman’s and 19 Crimes labels. “A potential demerger would enhance (Treasury’s) and Penfolds’ ability to pursue their own strategic priorities and deliver a strong
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