Wednesday, 26 August 2009
Gloomy View from Australia
No this is not a recessionary new wine from Australia, but a summary of the economic outlook given by Fosters, the brewer that now owns the famous Australian names of Wolf Blass and Penfolds. It has announced that its global wine volumes are down 5%. It is scrapping 37 wine brands and disposing of 36 vineyards. It also has started selling its vineyards in California. The bright spot? Beer sales are strong... Penfolds Grange drinkers may be pleased that more potential investment is on its way from beer drinkers' profits..