Australia’s biggest wine producer will shut down one of its Victorian wineries, leaving about 60 vintners and staff out of a job.
ASX-listed Treasury Wine Estates announced it would sell its Karadoc winery by mid-2024, saying the change would allow the company to focus on its luxury and premium wine portfolios.
The move comes amid increasing costs and declining commercial wine consumption and follows the Chinese government’s suspension of Australian wine imports in 2020.
Treasury Wine Estates Chief Supply Officer Kerrin Petty cited China as one of the reasons for the closure but noted that “there’s different reasons in the United States and different reasons in Europe as well.”…