Foster’s forms Joint Venture to get rid of smaller wine brands
If you can’t sell them, you have to find a different solution. And this is what Australian beer and wine giant Foster’s has just done with the smaller end of its wine business.
Foster's Headoffice in Melbourne
David Dearie, Managing Director, Wine Australia and New Zealand today announced Foster’s intention to transfer 13 Australian wine brands to a joint venture with Vok Beverages Pty Ltd (Vok Beverages). Foster’s will hold a 50% interest in the joint venture company.
But who is Vok Beverages? They claim to be the exclusive Australian distributor for a number of Diageo brands which include Ruski, Bullet Bourbon, J&B Whisky, Dimple or Pimms. The company also distributes a range of proprietary brands such as Three Oaks Cider, Infused Rush, HI NRG, VOK Liqueurs and Bickford’s non alcoholic cordials.
So, in the future, these guys will assume responsibility for the marketing, sales and management of the thirteen former Foster’s wine brands as early as from the 1st of December 2009.
The brands to be transferred to the joint venture are Queen Adelaide, Half Mile Creek, Minchinbury, Matthew Lang, Andrew Garrett, Maglieri of McLaren Vale, Rouge Homme, Great Western, Cartwheel, Fishers Circle, Galway Pipe, Boronia and Yarra Ridge. Foster’s intends to continue to produce wine for the joint venture and celebrates this strategic move by stating: “this joint venture allows Foster’s to focus on wine making, distribution and marketing of its core portfolio.” The thirteen brands above now know at least, that they are not considered ‘core’ any more.
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Der australische Bier und Weingigant Foster’s hat heute bekannt gegeben, dass er 13 seiner kleineren Marken in ein neues Joint Venture mit Vok Beverages ausgliedern moechte. Dieses ist ein weiterer Schritt auf dem langen Weg, das Weingeschäft fuer Foster’s wieder in profitablere Bahnen zu lenken.
In seinem letzten Geschäftsjahr hat Foster’s bereits mehr als $278 Millionen im Weinsegment abgeschrieben. Das Biergeschäft hingegen läuft weiterhin vorzüglich für Foster’s.
Related posts:
- Fosters: restructure, breakup and sell-off to help shareholder value – but is this enough?
- No news on which Foster’s wine brands will be chopped – yet
- How to export wine to China as an Australian Boutique Winery
- Fired: volunteer firefighters sacked by Australian Beer and Wine Giant
- Penfolds Grange: the Australian wine icon celebrates the release of its 2004 vintage
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