The division accounts for 12,000 hectares of vineyards, 20 wineries and 50 wine brands not just from Australia. It also has interests in California, France, Italy and New Zealand. There are 4,000 employees, globally.
Foster’s bought Mildara Blass and Rothbury Wines in 1996, Beringer of California in 2001 and Southcorp in 2005.
Foster’s chief executive Ian Johnston, said: “The creation of Treasury Wine Estates marks the next natural step, accelerating a cultural change and business transformation that began with the completion of the Wine Strategic Review in February 2009.
“The new name and brand identity reflect the wealth of treasured wine brands that mark the core of this business.
“Treasury Wine Estates will harness the essence of great winemaking, with a focus on building company and shareholder value as creator and purveyor of quality wines in Australia, California and around the world,” he said.
“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,” said Johnston.
