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Home / Business and Economy / Treasury Wines Buys Back California Stock in $65M Deal

Treasury Wines Buys Back California Stock in $65M Deal

10 Feb

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Summary

Treasury Wines will repurchase unsold inventory from a major US distributor.
The settlement with Republic National Distributing Co. will cost $65 million.
The deal aims to mitigate disruptions from the distributor's California exit.

Treasury Wines Buys Back California Stock in $65M Deal

Treasury Wines Estates Ltd., known for its Penfolds brand, has agreed to a settlement with Republic National Distributing Co. (RNDC), a major US distributor exiting the California market. The agreement, announced on Tuesday, involves Treasury Wines repurchasing its inventory held by RNDC in California. This move is expected to result in a net cash outflow of $65 million within the six months ending June. This development comes after Treasury Wines' shares hit a decade low in December due to a substantial write-down of its US business value and disruptions in both the American and Chinese markets.