Foster's Renames Wine Division

By Andrew Starke

The Foster's Group has announced the much anticipated new name of its global wine operations.

Its wine business will now be known as Treasury Wine Estates.

Announcing the new identity, Foster’s CEO, Ian Johnston, said the announcement marked the opening of a significant chapter for the company.

“Since the acquisition of Mildara Blass and Rothbury Wines Limited in 1996, Beringer Wine Estates in 2001 and Southcorp Limited in 2005, we’ve assembled one of the world’s great wine businesses,” he said.

“The creation of Treasury Wine Estates marks the next natural step in that journey, accelerating a cultural change and business transformation that began with the completion of the Wine Strategic Review in February 2009.

“With six of the ten most collected wines in Australia, America’s leading premium brand in Beringer Vineyards, and a collection of outstanding international wines, this is a business with impeccable credentials.

“The new name and brand identity reflect the wealth of treasured wine brands that mark the core of this business.

“The announcement today does not pre-empt any outcome for our demerger, nor does it represent fundamental change in our business model. It does, however, represent the acceleration of a cultural change for those of us working in the wine business as we return to a dedicated focus on viticulture, wine making and the marketing and sale of one of the world’s most outstanding portfolios.”

In a presentation to wine employees, Foster’s wine boss, David Dearie, said the company's priority was to lift earnings with the wine business targeting earnings of $84 million for the 2011 financial year. 

“Under a new name, we will become the guardians of a cherished wine heritage and build a global stamp of excellence in international wine. From here on, every employee is encouraged to have one foot in the boardroom, one foot in the vineyard and a focus on the global marketplace," he said.

“It takes a special alchemy for a great wine to come into being: an ardent sun, a soft rain and a rich earth. Above all, it requires the attentions of a devoted grape grower and winemaker. It’s a delicate balance of science and instinct that yields a truly memorable glass of wine.

“For us our new name signifies that we will now operate as more of a community; every member of the team should have a greater awareness of how this business operates. From today, sales and marketing, finance, winemaking and viticulture will all sit at one table - having the one conversation."

For more information on the new identity, click here.

 

[Wed 21/07/2010 04:51:14]