Treasury Wine toasts America for the long haul

Treasury Wine Estates' renewed US strategy is seeing it double down on the troubled market. But a softening China could present a different kind of problem entirely.

Just how does one of the world’s largest winemakers get rid of excess inventory of old bottles? In the case of Treasury Wine Estates, which is facing a massive oversupply of aged and outdated stock in the Americas that prompted a $154.3 million writedown, they employ third-party ‘destruction agents’ to pour the wine down the drain.

That was one of the more unexpected insights from Wednesday’s surprisingly subdued AGM in Adelaide, the first without David Dearie as chief executive after his abrupt dumping last month in the wake of the shocking US writedown.

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