Penfolds Maker to Divert Wines to China Should Tariffs End
- Levies poised to end next month after Beijing concludes review
- Treasury reported 11% decline in net income for the first half
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Treasury Wine Estates Ltd. is planning to reallocate a portion of its Penfolds Bin and Icon wines from other global markets to China once Beijing lifts crippling tariffs on Australian exports.
China remains the single greatest opportunity for the company should it re-open its doors to Australia, Chief Executive Officer Tim Ford said on an investor call Thursday for the company’s first-half report. The market accounted for about 30% of Treasury’s earnings prior to the implementation of levies.