Kendall-Jackson Offers Australian Wine Brand
MELBOURNE, Australia — Kendall-Jackson Wine Estates Ltd. launched an Australian wine brand to take advantage of an increase in demand for the nation’s wine in the U.S., the Australia Financial Review reported.
The Sonoma Valley winemaker has pre-sold 75,000 cases of its new Yangarra Park red and white wines, the newspaper said. Kendall-Jackson doesn’t plan to acquire any Australian wine businesses after withdrawing its own assets from sale two months ago, the report said.
The Santa Rosa, Calif.-based company had been considering buying Australian wineries since last year, the newspaper said, citing Kendall-Jackson President John Grant.
“Right now, assets are overpriced. We can see the industry moving into oversupply,” the newspaper quoted Grant as saying.
Kendall-Jackson in May ended three months of talks for a possible sale, deciding to remain an independent company.
BRL Hardy Ltd., Australia’s No. 3 winemaker, canceled plans to buy Kendall-Jackson because the asking price was too high.
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