Business / Rural

Pernod to sell NZ wine brands

19:53 pm on 19 October 2010

International beverage giant Pernod Ricard is selling several well-known New Zealand wine brands, including Lindauer and Corbans, to Lion Nathan and a joint venture partner in a deal worth $88 million.

Pernod Ricard New Zealand says it has decided to refocus its wine strategy but remains committed to New Zealand and its wine brands Brancott Estate, Stoneleigh, Church Road, Deutz, Boundary and Triplebank.

Lion Nathan will buy 12 brands, including Aquila, Bernadino, Lindauer, Bensen Block, Corbans, Riverlands, and Saints.

Joint venture partner Indevin will take ownership of the Gisborne Winery, all company-owned vineyards in the Gisborne region and the Twin River's vineyard in Hawke's Bay.

Lion Nathan is owned by Kirin Holdings of Japan. The sale is subject to Overseas Investment Office approval.

Gisborne wine growers are hoping for better times ahead after the change of ownership.

Pernod-Ricard cancelled contracts with many of its growers in the Gisborne region 18 months ago.