By Andrew Starke
The Foster’s Group has taken four vineyards off the market after the company declared it was satisfied with its vineyard divestment program to date.
A spokesperson for the beer and wine giant told TheShout the company was still considering offers for 10 remaining vineyards.
“Since we announced the vineyard divestment program in February 2009, we’ve sold 23 properties in Australia and the US,” he said.
“Following recent innovations, and based on future sales planning, we’ve decided to withdraw two vineyards in South Australia and one in California’s central coast from sale.”
“We’ve also decided to retain the Baileys of Glenrowan winery in Victoria,” he added. “We will continue to seek buyers for the remaining 10 properties in the coming months.
The vineyards involved are Guthrie’s and Schultz in South Australia’s Wrattonbully region, Baileys in Glenrowan and Meridian on the Californian central coast.
In other news, Foster’s has signed long-term distribution agreements with Southern Wine & Spirits in three of the largest US wine markets.
Southern Wine & Spirits will gain the exclusive rights to sell Foster’s wines in California, Florida and Illinois.
Southern currently distributes Foster’s wines in each of these states but has shared the portfolio with other distributors and Foster’s own self-distribution.
“We look forward to continuing our strong partnership with Southern under these new agreements which will deliver superior performance in each of these key states,” said Foster’s Americas MD, Stephen Brauer.
The new contracts become effective on July 1, 2010.