News: TWE Treasury Wine Announces Removal Of Tariffs On Australian Wine Imports Into China

March 28 (Reuters) - Treasury Wine Estates Ltd (TWE) :

• 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

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