Cheers

Cheers

The Beverage Business Magazine for Full-Service Restaurants and Bars

  • Beverage Trends
    • Beer
    • Wine
    • Spirits
    • Wine Reviews
    • Marketing
    • Operations
  • Recipes
    • What I’m Drinking Now
    • Submit a Drink Recipe
  • Resources
    • eRNDC Login
    • SG Proof Login
    • CORE: Children of Restaurant Employees
  • Events & Awards
    • Cheers Beverage Summit
    • Growth Brands
    • BevX Awards
    • Supplier Awards
  • Podcasts
  • E-News
    • E-News Subscribe
  • Digital Issues
  • Cheers@Home

Diageo Sells Off Argentinan Wine Interests

11/06/2015

by: The Staff

Diageo continues to shed wine assets while refocusing on other aspects of its business.

The global corporation has agreed to the sale of its Argentian wine interests to Grupo Peñaflor.

This includes the Navarro Correas and San Telmo wine brands, together with production sites and vineyards. In the year ending June 30, 2015, net sales of these assets were $27.8 millon.

In addition, Peñaflor will become the distributor of Diageo’s international spirits brands and, after an interim period, will jointly produce with Diageo its domestic spirits brands across Argentina.

“The appointment of a dedicated distributor in Argentina will strengthen Diageo’s route to market and is expected to accelerate the performance of Diageo’s brands there,” the company said in a press release.

Grupo Peñaflor is the largest producer and distributor of wine in Argentina, the company says, and one of the top ten wine producers worldwide.

Advertisement

The transaction is expected to be completed early in 2016.

Sale proceeds have not been disclosed.

The transaction, which is eps neutral in the first full year following completion, will result in an exceptional loss before taxation of approximately $90.2 million upon completion, the company says.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Tumblr (Opens in new window)
  • Click to share on Pinterest (Opens in new window)

cost diageo wine Diageo Argentina Diageo Argentina wine Diageo Argentinan wine Diageo Grupo Peñaflor Diageo sells Argentina wine Diageo sells Argentinan wine Diageo Sells Off Argentinan Wine Interests diageo sells wine Grupo Peñaflor diageo wine Grupo Peñaflor Grupo Peñaflor Grupo Peñaflor pay diageo Grupo Peñaflor pay diageo wine how much Diageo sell wine how much Diageo sold wine how much Diageo wine wine wine business wine business diageo wine Grupo Peñaflor wines

Last modified: 11/06/2015

Previous Story:
A Whiskey with John Wayne
Next Story:
Heineken’s ‘What’s Your Play’ Program Targets Football Fans

About the Author: The Staff

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recipe Rating




Follow Us

Facebook
Twitter

In The News

  • NYC’s Mister Paradise Unveils New Menu
  • How Much Do Alcohol Consumers Care About Sustainability?
  • Podcast: Beverage Alcohol Trends For 2023
  • Meet The Mixologist: Laura Unterberg
  • TTB Officially Recognizes Singani As Distinct Brandy Type
  • Martha Stewart Launches Low-cal Wine with 19 Crimes
More News >>

Featured Drink

  • Year of the Rabbit
    Year of the Rabbit cocktail

Drink Recipes

  • Year of the Rabbit
  • Viva Magenta Colored Cocktails
  • Winter White Sangria
  • Spirit-free Drink Recipes For 2023
  • Toasty Night by The Fire

Current Issue

Cheers Current Issue

Cheers Magazine

  • About Cheers
  • Advertise
  • Contact Us
  • Subscribe
  • Market Research

Events & Awards

  • Beverage Excellence Awards
  • Cheers Beverage Summit
  • Growth Brands Awards

Magazines

  • Cheers
  • Beverage Dynamics
  • StateWays
  • Beverage Wholesaler
  • Beverage Handbooks (research)

E-Newsletters

  • Better Bartending
  • Cheers
  • Beverage Dynamics
  • StateWays
  • Beverage Wholesaler
  • Beverage Universe
  • Cannabis Regulator
  • About EPG Brand Acceleration
  • Send File
  • Privacy Policy
© Cheers Magazine. All rights reserved.