Treasury Wine Estates purchases Tasmanian winery White Hills
Treasury Wine Estates (TWE) has signed an agreement to purchase the White Hills vineyard in Tamar Valley, Tasmania from Brown Brothers with the final purchase expected to go through in late July 2013.
White Hills, which was established in 2004, has 116 hectares of which 83 are currently planted adding to the already 11,500 hectares that the conglomerate globally owns. The site will act as key source for grapes for some of the premium brands in the TWE portfolio.
"It is also an increasingly important source of fruit for Penfolds, so I'm particularly excited to be increasing our investment in Tasmania," said TWE chief executive David Dearie.