Treasury sells Asti wine estate in Sonoma to Gallo
Australia's Treasury Wine Estates has sold its Asti Winery in Sonoma County in California to Gallo.
The deal includes the Souverain wine brand and nearby vineyards in the region.
It also sees TWE enter into a long-term leaseback agreement for part of the vineyards that the company uses to source high quality fruit.
TWE said the sale was part of its strategy to simplify its supply network and remove excess capacity, both in the US and Australia.
Asti covers over 500 acres and a has winery with a grape crush capacity of 35,000 tonnes.
It joins a portfolio of 12 wineries Gallo owns in California and Washington.
Roger Nabedian, senior vice president and general manager of Gallo's premium wine division, said: "The property is filled with rich history and is located in a growing wine region that consumers recognise as being among the world's best.
"We look forward to bringing the Souverain brand into our expanding premium portfolio, in order to keep pace with growing consumer demand worldwide."
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