TWE dumps cheap wine brands in US

Treasury Wine Estates has taken another step towards meeting its promise to investors of hitting pre-tax margins in the high teens by 2020, by unshackling itself from more non-core, cheap commercial wine in the US. The world’s largest publicly listed winemaker, which owns brands such as Penfolds, Wolf Blass, Lindemans and Beringer, also moved to calm any shareholder fears its British arm could be disrupted by the vote to leave the European Union, saying it did not expect any material change to its fiscal 2017 forecasts.