BRIEF-Treasury Wine Announces Removal Of Tariffs On Australian Wine Imports Into China

Reuters03-28

March 28 (Reuters) - Treasury Wine Estates Ltd :

* REMOVAL OF TARIFFS ON AUSTRALIAN WINE IMPORTS INTO CHINA

* REMOVAL OF TARIFFS ON AUSTRALIAN WINE IMPORTS INTO CHINA

* WELCOMES TODAY'S ANNOUNCEMENT BY CHINESE MINISTRY OF COMMERCE

* WILL COMMENCE PARTNERING WITH ITS CUSTOMERS IN CHINA TO IMPLEMENT DETAILED PLAN OUTLINED

* WELCOMES ANNOUNCEMENT BY CHINESE MINISTRY OF COMMERCE

* EXPECTS THAT CHINA WILL CONTINUE TO BE AN ATTRACTIVE LUXURY WINE MARKET

* DEMAND FOR PENFOLDS BIN AND ICON PORTFOLIO EXPECTED TO EXCEED AVAILABILITY IN SHORT TERM

* WILL ALSO COMMENCE WORKING WITH ITS GLOBAL CUSTOMER BASE TO FINALISE PRICE INCREASES ACROSS BIN AND ICON PORTFOLIO

* MEDIUM-TERM POTENTIAL FOR PENFOLDS IS STRONG

* EXPECTS INCREMENTAL EBITS CONTRIBUTION FROM RE-ESTABLISHMENT OF AUSTRALIAN COO IN CHINA WILL BE MINIMAL IN REMAINDER OF F24

* SEES INCREMENTAL EBITS CONTRIBUTION FROM RE-ESTABLISHMENT OF AUSTRALIAN COO IN CHINA WILL BE MINIMAL THROUGH REMAINDER OF F24

* SEES INCREMENTAL EBITS CONTRIBUTION FROM RE-ESTABLISHMENT OF AUSTRALIAN COO IN CHINA WILL BE MINIMAL THROUGH REMAINDER OF F24

* PARTNERING WITH CHINA INCLUDES RE-ESTABLISHING DISTRIBUTION FOR PENFOLDS ENTRY-LEVEL AUSTRALIAN COO PORTFOLIO, OTHERS

* INTENDS TO EXPAND SOURCING THROUGH FUTURE VINTAGES IN AUSTRALIA, FRANCE AND CHINA

* WILL START PARTNERING WITH CUSTOMERS IN CHINA TO RE-ESTABLISH DISTRIBUTION FOR PENFOLDS ENTRY-LEVEL AUSTRALIAN COO PORTFOLIO

* WILL START PARTNERING WITH CUSTOMERS IN CHINA TO EXPAND SALES AND MARKETING RESOURCES, AND BRAND INVESTMENT, IN CHINA

Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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