Qu Zhe, president assistant of COFCO Group and chairman of COFCO Wines & Spirits, has revealed that the company has acquired Biscottes, a well-known winery in Chile, for USD18 million.
Qu introduced that Biscottes is one of the top ten wine enterprises in Chile. After more than one year of negotiation, COFCO Wines & Spirits finally acquired its vineyard of 5,300 mu and a wine production capacity of 14,000 tons. At the same time, Biscottes' former management team will be maintained.
According to the plan of COFCO Wines & Spirits, the company will launch a new wine brand for the medium- and high-end markets. Qu said that the brand is now undergoing planning and the Chinese market will be its focus in the future. However, the brand will also be launched in Europe and America.
The acquisition of Biscottes is COFCO Wines & Spirits' first overseas acquisition. The company is reportedly also talking with a French winery for a potential acquisition.