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Bucharest-listed Purcari Wineries teams up with Moldovan organic wine maker

Bucharest-listed Purcari Wineries teams up with Moldovan organic wine maker Purcari Wines

BUCHAREST (Romania), May 24 (SeeNews) - Bucharest-listed Purcari Wineries [BSE:WINE] said on Monday that it has concluded a partnership with Moldovan company Les Terres Noires, which will supply it with grapes for organic, biodynamic and natural winemaking.

Les Terres Noires owns 25 ha of vineyard cultivated according to organic technologies in the Protected Geographical Indication region Stefan Voda in Moldova, Purcari said in a statement filed with the Bucharest Stock Exchange, BVB.

"The idea of a Purcari organic wine has been developing for a long time. Consumer and retail demand for such wines is meaningful and growing," Purcari general manager Victor Bostan said.

Purcari also announced that the owner of Les Terres Noires Gheorghe Arpentin has joined the company as a director in charge of research and development and innovation.

"The partnership with Purcari is a big step towards capitalising the potential of the organic segment. We want to create unique wines, to experiment, but also to contribute to sustainable development in viticulture," Arpentin said.

Founded in 1827, Purcari Wineries Plc is one of the largest wine and brandy groups in the CEE region. The group manages over 1,300 hectares of vineyards and operates four production platforms in Romania and neighbouring Moldova. Purcari is the leader in the premium wine segment in Romania, with a 30% share, and the largest wine exporter from Moldova, delivering to over 30 countries.

In February 2018, the group listed on the Bucharest Stock Exchange and is now part of the blue-chip BET index. Purcari Wineries' shares traded 0.72% higher at 28 lei ($6.95/ 5.38 euro) as at 1131 CET on Monday.

Purcari Wineries net profit grew by 49% last year to 60.44 million lei, supported by proceeds from the sale of the group’s stake in Glass Container Company to Vetropack Austria Holding in December.

Earlier this month, the company acquired 10% of Czech online retailer 8Wines.com.

(1 euro=4.9268 lei)

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