The deal includes the acquisition of 390 ha of land, 80 ha of which are AOC classified vineyards in AOC Haut-Médoc. Lanessan was founded in 1793 and is considered to be one of the oldest châteaux in Bordeaux. While wine will continue to be made and marketed under the Château Lanessan label, wine for the Penfolds brand will also be produced. The Bouteiller family, owners prior to the purchase, will also remain involved in the château. Tom King, managing director of Penfolds, is quoted as saying "we look forward to working with the Bouteiller family and the winemakers to enhance the Château's production capabilities and reputation for quality wines, while deepening our relationships with the local Bordeaux community".
"The majority acquisition of Château Lanessan is an exciting addition to Treasury Wine Estates' portfolio in Europe. Increasing our production capacity with such a historic location will support our future growth plans" emphasises Kerrin Petty, Chief Supply Officer of TWE.
The internationalisation strategy of TWE is progressing further;recent moves have included the partnership with the Bordeaux negociant Dourthe and Château Cambon de la Pelouse, a cooperation with the Champagne house Thiénot, and the setting up of a production site in the Napa Valley. The company is now also active as a producer in China.
This diversification which includes the production of premium blends from different countries s a logical consequence of the harsh punitive tariffs imposed on Australian wines by China where the Penfolds brand is one of the strongest in the wine sector.