Treasury Wine Estates job cuts remove 170 corporate roles

Treasury Wine Estates job cuts have removed about 170 roles, most of them in corporate functions, the Melbourne-based owner of Penfolds confirmed on 7 October. The company said the redundancies are part of a plan to become a simpler and more focused organisation.

A company spokesperson gave the figure in a statement carried by Just Drinks and News24. “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,” the spokesperson said. The statement also acknowledged the impact on staff and thanked those leaving.

News24 reported that the Treasury Wine Estates job cuts amount to seven per cent of the workforce and were made over the past few days. Grafa put the share at nearly 7% of the global workforce.

The simplification that began with brands and divisions has now reached the corporate payroll.

Treasury Wine Estates job cuts follow a regional redesign

The redundancies were made under the cost programme known as Project Ascent, according to News24. Treasury Wine Estates has said the strategy will allow it to reduce costs by A$100 million a year.

The group is moving to a model based on geographic regions in place of its three divisions, Penfolds, Treasury Americas and Treasury Collective, News24 reported. Grafa described the new set-up as four regions.

In June the company said it would go from 76 brands to fewer than 30, Global Drinks Intel reported, with Penfolds, DAOU and Matua named as three “power brands” and seven regional labels behind them. Those ten are projected to account for about 90% of group sales within five years. In September the company also agreed the sale of Seppelt and its Great Western winery to a group led by Stonier.

Hiring continues for Penfolds, DAOU and Matua

The company said it is still recruiting. New roles are planned mainly in commercial teams in Australia and New Zealand, as well as in China and emerging markets, and are focused on priority brands including Penfolds, DAOU and Matua, according to the spokesperson.

The background is a difficult period for the company News24 calls Australia’s largest wine maker. Treasury Wine Estates wrote down the value of its North American business in December after a poor performance in that market, News24 reported. An economic slowdown in China, along with restrictions on public servants attending large banquets, has also weighed on results, according to the same report.

The Treasury Wine Estates job cuts drew no market reaction on the day. The shares were unchanged at A$5.56 after the statement, according to Grafa. News24 noted that the stock has risen more than 60% from its 2026 low in March, a recovery that follows a steep decline since the beginning of 2025.