Jidvei will invest 11m euros to rehabilitate vineyard

Winemaker Jidvei posted an over 50% growth in sales for Tezaur (super premium range) and Castel brands (a reserve wine) in the first four months of the year against the same time in 2007.
"Although brands such as Dry Muscat Fata in Iarba, Riesling, and Sauvignon Blanc continued their upward sales trend and advanced by 30% in the January-April period, Tezaur and Castel saw a higher increase," said Cristian Fuga, Jidvei's marketing manager.
In the first four months of this year, Jidvei sales amounted to 9.4 million euros, up 34.8% against the 7 million euros reported during the same time last year.
The winemaker ended 2007 with turnover worth 83 million RON (24.9 million euros), up 12% against the 74.2 million RON (21.1 million euros) posted in 2006. Las t year, Jidvei posted net profit worth 8 million RON (2.4 million euros), compared with 14.8 million RON (4.2 million euros) in 2006. This year, the target is set at 110 million RON (around 30 million euros).
Currently, around 60% of Jidvei's sales come from the on-premise segment (hotels and restaurants), and the company forecasts 70% by the end of the year.
"Jidvei will launch red wines on the market by the end of this year. Although the launch was originally announced for May, it has been delayed so more stock can be obtained, in order for national distribution be achieved," Fuga continued.
In 2007, Jidvei invested 1.5 million euros to modernise Crama Craciunel winemaking facility and buy new machinery. It also started a vineyard reconversion programme, with investments that entail 5 million euros.
"This year, we plan to finalise the rehabilitation of vineyards originally started in 2006. The targeted area covers 680 hectares, with overall investments in excess of 11 million euros," added Fuga.