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S.A. Brewing purchases wine unit.

S.A. Brewing purchases wine unit

Australian brewing concern, S.A. Brewing Holding Ltd. announced the purchase of Penfold Wines from Tooth & Co., a subsidiary of Adelaide Steamship Co., for $292 million, along with the assumption of some $37.5 million in finance leases.

The sale of Penfolds, Australia's largest wine company, is part of a larger plan to ease Adelaide's debt burden by as much as $2.3 billion and restructure the company.

Penfolds accounts for approximately 30 percent of the Australian wine market, and owns several local brands including Penfolds, Lindemans, Wynns and Seaview.
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Title Annotation:S.A. Brewing Holdings Ltd., Penfolds Wines
Publication:Modern Brewery Age
Date:Nov 19, 1990
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