Treasury Wine Unveils Overhaul to Tackle Slowdown in China, US
Summarize this article with:
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000A bottle of Penfolds Grange 2009 vintage, produced by Treasury Wine Estates Ltd., at the company's headquarters in Melbourne, Australia.Photographer: Carla Gottgens/BloombergTreasury Wine Estates Ltd. announced a company-wide overhaul including asset sales and cost cuts, as the Penfolds producer tackles weakening demand in its key markets.The company cancelled an uncompleted A$200 million ($133 million) stock buyback and said it’s reviewing planned capital investments on Wednesday, as Chief Executive Officer Sam Fischer is forced to transform the struggling winemaker at the start of his tenure.