NEWS
TWE TO ACQUIRE 75% STAKE OF NINGXIA’S STONE & MOON WINERY
By Tony Zhu
10-12-2024
Source: Stone & Moon Winery
Australia’s Treasury Wine Estates (TWE), owner of the Penfolds brand, announced today that it has entered into an agreement to acquire a 75 percent equity interest in Stone & Moon Winery Ningxia for a price of RMB130 million (USD18m).
The winery is located in the Qingtongxia area of the Ningxia wine region, the transaction is expected to be completed in the first half of 2025.
TWE said the Stone & Moon brand is well established, producing several grape varieties including Cabernet Sauvignon and Marselan, with some grapes already being sourced by Penfolds for existing China country of origin wine production.
Stone & Moon’s asset base includes 43-hectares of planted vineyards, a modern winery with capacity for future expansion and a cellar door.
"This acquisition aligns with our vision to grow our luxury wine presence in key international markets, while strengthening our commitment and investment in China’s wine industry. We are very thankful for the support of the national and local governments, our local partners, industry organisations, and the wine community,” said Tim Ford, CEO of TWE.
“We are proud to join TWE, a company renowned for its dedication to producing world-class luxury wines. This partnership represents an exciting new chapter for Stone & Moon Winery, enabling us to showcase the exceptional quality of Ningxia wines to a global audience,” said Kang Xuanhao, founder of Stone & Moon Winery.
“After releasing our first China-sourced luxury wine in 2023, we’re delighted to be investing in such an exciting wine region in China which is gaining global recognition for its quality wines,” said Tom King, managing director of Penfolds.
TWE said the Stone & Moon Winery will play an important role in supporting the production of Penfolds Chinese wine portfolio, featuring the unique characteristics of the Ningxia region, coupled with grapes sourced from Yunnan, while maintaining Penfolds house style.
(the writer can be contacted at: info@thewinechronicle.com)
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