Endeavour Group Ltd. (EDVGF,EDV.AX), Australia's retail drinks and hospitality company, on Wednesday said it will restructure its Pinnacle Drinks business to focus on its best-selling wine brands and reduce costs.
The company will cut its own grape production by more than 80%, with about 99% of its wine and grape supply expected to come from outside suppliers
As part of the changes, the company will reduce its winery operations from seven sites to three, while keeping key brands including Cape Mentelle, Isabel Estate and Dorrien Estate.
The company will keep one major packaging facility in the Barossa Valley and close its McLaren Vale bottling site later this year.
The company also plans to sell the Oakridge wine business in the Yarra Valley. Vineyards and property linked to Chapel Hill, Riddoch Coonawarra and Krondorf Barossa will be sold, though the brands will be kept. Chapel Hill operations will shut at the end of June.
The company is also reviewing the future of Josef Chromy as it does not plan to renew its lease.
Chief Executive Officer Jayne Hrdlicka said the changes will help the company focus more on customer demand and improve profits.
Endeavour Group is currently trading 5.84% lesser at AUD 2.9000 on the Australian Securities Exchange.
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