Treasury Wine gets $31.5m in cash

Treasury Wine Estates, the wine business formerly owned by Foster’s, will receive a $31.5 million payment from the brewer to complete an IT overhaul. Foster’s had agreed to install a new core operating IT system for Treasury Wine in May 2011, but has since been bought by Anglo-South African brewer SABMiller. Treasury Wine on Wednesday said it would complete the work itself, and Foster’s would pay it $31.5 million in cash as a result, reports AAP.