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WINE McGuigan hit Grape glut forces a writedown
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Newspaper Article
WINE McGuigan hit Grape glut forces a writedown
2006
Overview
[McGuigan Simeon] said the writedown - of about 9 per cent of inventory - came after another large vintage in Australia and a grape harvest in the U.S. 20 per cent above forecast. McGuigan handles about 15 per cent of Australia's grape crush and, excluding contract processing, had a grape intake this year of 197,000 tonnes, down 11 per cent on 2005. Mr [Tony Keys] said Australia's top 20 winemakers should not be relying on bodies such as the Australian Wine and Brandy Corporation or the Winemakers Federation of Australia. However, the 2000 smaller wineries did need support as they targeted the U.S. and China.
Publisher
Nationwide News Pty Ltd
Subject
