Treasury Takes Another Write Down on US Assets

Dear Client:  Treasury Wine Estates announced a series of measures today to accelerate its Americas business overhaul, including reducing vineyard acreage and writing down inventory. As a result of the moves, the company "expects to recognize an additional [$394 million] post-tax material item charge" for its F26 results, per announcement.  Recall, earlier this summer, TWE announced that it would be significantly downsizing its brand portfolio with a focus on simplifying its US and Australian businesses [see WSD 06-04-2024]. Those efforts