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E&J Gallo Winery Submits Offer to Buy Madera, Calif., Operation.
Knight Ridder/Tribune Business News, September, 2003
By Robert Rodriguez, The Fresno Bee, Calif. Knight Ridder/Tribune Business News
Sep. 6--E&J Gallo Winery -- one of the world's largest vintners -- is bidding to buy a bankrupt Madera winery that would make it the undisputed leader in the grape juice concentrate market.
U.S. bankruptcy court records show that Gallo submitted a $6 million offer for the Grapeco winery in Madera. The 106-acre facility and its owner, Michael Hat, have been in bankruptcy proceedings since last year.
If Gallo buys the Madera winery, industry sources say, it would control a vast majority of the grape concentrate processing business, a $150 million-a-year industry in the San Joaquin Valley.
That type of leverage has raised more than a few eyebrows,...
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