Treasury Wines is going more upmarket in exports
Treasury Wines is going more upmarket in exports
Oct 30, 2011 6
(Theaustralian) - TREASURY Wine Estates will inherit the mantle of Australia's biggest locally owned alcohol company in December, when shareholders in former stablemate Foster's are expected to approve a $12.3 billion takeover by British-South African beverage giant SABMiller.
TWE managing director David Dearie, who has led the company since it was demerged from Foster's in May, says he's not taking the mantle lightly.
"It's wonderful, it's something to be very proud of and comes with a bit of responsibility to make sure we continue to grow and make Australia proud," he says.
Considering it was pursuit of growth in the wine industry that got Foster's into so much trouble -- leading to billions in write-offs and leaving it with no option but to accept a takeover from SAB -- such an expansionary outlook could be seen as overly optimistic.
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