Treasury Wine Estates buys Brown Brothers

Australia's biggest wine group, Treasury Wine Estates, has bought Brown Brothers' White Hills vineyard in Tasmania's Tamar Valley.

A statement issued by TWE said the acquisition builds on the brand's recent vineyard acquisitions in South Australia.

David Dearie, CEO, said "Our commitment to Tasmanian wine is already strong, with the region home to some wonderful brandsin our portfolio – Heemskerk and Abel’s Tempest. It is also an increasingly important source of fruit for Penfolds, so I’m particularly excited to be increasing ourinvestment in Tasmania at a time when the region is becoming better known andmuch sought after around the world."

Established in 2004, White Hills consists of 83 planted hectares (116 total hectares) of high quality Pinot Noir, Chardonnay, Sauvignon Blanc, Riesling, Pinot Gris and Gewurztraminer grapes.

"The acquisition of White Hills supports TWE’s long term strategy of owning or controlling vineyards that supply grapes for our luxury wine portfolio. Over the last 18 months we have invested heavily in premium grape and wine production capacity globally, and this is a logical next step."

Settlement of the acquisition is expected in late July.

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