Penfolds owner Treasury Wine Estates (TWE) has cut around 170 roles from its business as part of a long-running transformation program.
The cuts follow the sale of its Seppelt assets to Stonier Wines. TWE began its transformation after posting a near-$650 million loss in the first half of this year.
With most redundancies hitting its corporate workforce, TWE told Inside FMCG the move is part of a shift to a new operating model.
“As part of our transformation to create a simpler and more focused organisation, approximately 170 roles have been made redundant, predominantly across our corporate functions,” a spokesperson said.
“We recognise the impact of these changes on our people and thank those leaving us for their contribution.”
TWE also told investors recently that it took a $558.4 million hit on the winding back of its operations in the US, with total write-downs surpassing $1.2 billion. The company maintains that it will return to growth by FY28.
“At the same time, we’re continuing to invest for growth, including recruiting for new roles primarily across our commercial teams in Australia and New Zealand, as well as China and emerging markets, focused on our portfolio of priority brands including Penfolds, Daou and Matua,” the spokesperson added.
