American-based Saint James Company is to buy three New Zealand wineries - Lawson Dry Hills, Waimea Estates and Gravitas Wines - for an undisclosed amount.
Company president Wayne Gronquist says the wineries produce world class wines and Saint James expects to generate substantial revenues once the wines are imported into the United States and British markets.
Mr Gronquist says the New Zealand wine industry has demonstrated dramatic growth and increasing global demand for their products, while maintaining strong price points and net margins.
