On Tuesday, winemaker Treasury Wine Estates (ASX: TWE) provided an update at the Company’s Annual General Meeting (AGM). TWE announced it will deliver at least $100 million in cost of goods sold (COGS) savings – up from previously announced $80 million by FY20. The company also expects cash synergies from the Diageo Wine acquisition of US $35 million, up from US $25 million – by FY20. The company has been removing commercial brands and re-shaping the business towards prestige markets under the guidance of CEO Michael Clarke. Shares in TWE closed up 4.5% for the week. We own Treasury Wine Estates as a market-driven investment in WAM Capital, WAM Leaders and WAM Active
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