Australia's Treasury Wine Estates Ltd said it may spin off the prestigious Penfolds label and shrink its low-end 'commercial' division in the ...
Australia's Treasury Wine Estates Ltd said it may spin off the prestigious Penfolds label and shrink its low-end"commercial" division in the United States as it seeks ways to grow profit amid upheaval brought by the coronavirus crisis.
"A potential demerger would enhance and Penfolds' ability to pursue their own strategic priorities and deliver a stronger long-term growth profile under separate teams and ownership structures," said Chief Executive Michael Clarke in a statement. "They probably need a catalyst to keep the market interested and it's one they can keep talking about for the next year and a half."
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