News Briefs for August 28, 2017August 28, 2017
•Treasury Wine Estates has agreed to pay A$49 million ($39m) to settle a class-action lawsuit related to an A$160 million ($127m) writedown of its U.S. business in 2013, which included the destruction of millions of bottles of excess wine. The settlement does not include an admission of liability and will not impact TWE’s financial results, the company said. The class-action, filed by law firm Maurice Blackburn on behalf of Brian Jones and other investors in 2014, alleged that TWE misled shareholders about the struggles of its U.S. business that led to the writedown. Following the episode, TWE subsequently reorganized its U.S. unit and has turned it around, with its Americas sales up 10% to $872 million in the 12 months through June.
•Constellation’s Woodbridge by Robert Mondavi brand has debuted single-serve packaging for its wines. The new Woodbridge Stacked Singles are ready-to-serve, 187-ml. peel-open shatterproof cups, offered in Chardonnay, Pinot Grigio, Red Blend and Cabernet Sauvignon expressions. Priced at $2.49 a cup, Woodbridge’s Stacked Singles are available at wine retailers nationwide. Woodbridge by Robert Mondavi, Constellation’s largest wine brand by volume, grew 4.8% to 9.8 million cases last year. With similar growth in 2017, the entry-level label could top the 10-million-case mark.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.