TURNER – Willamette Valley Vineyards is constructing a brand new vineyard within the Dundee Hills, southwest of Portland, and can rent a brand new director to supervise the viticulture and vineyards, together with 65 full and part-time workers, the corporate mentioned.
The corporate additionally plans to construct 4 vineyard eating places, together with one in Bend, introduced Thursday, June twenty fourth.
Jim Bernau, founder and CEO, mentioned the choice was made as a result of manufacturing far exceeded capability on the present vineyard within the Salem Hills close to Turner.
“It was thus far that I could not wait any longer,” mentioned Bernau. “We exceeded the design expertise for this vineyard.”
Based in 1983, Willamette Valley Vineyards is a number one producer of Oregon Pinot Noir. The vineyard was initially constructed to provide 12,500 instances of wine a 12 months, Bernau mentioned.
Final 12 months the vineyard produced 175,357 instances – greater than 14 occasions its authentic capability.
“That places a variety of stress on our cellar workers,” says Bernau. “What I actually need to do is put together for the long run.”
4 years in the past, the corporate purchased 40 acres within the American wine-growing area of Dundee Hills alongside State Freeway 99, the place it plans to construct a state-of-the-art vineyard with an annual manufacturing capability of 250,000 to 500,000 containers.
The vineyard can be situated just some miles from Willamette Valley Vineyards’ new glowing wine facility referred to as Domaine Willamette, because of open in Might.
Bernau mentioned the glowing wine cellar and tasting room are a “vital funding” as constructing and road enhancements exceed $ 15 million. The location is already house to a mature winery and also will have a biodynamic backyard.
The expansion for Willamette Valley Vineyards would not cease there. The corporate is constructing 4 vineyard eating places, the primary of which is able to open earlier than the tip of the 12 months on Lake Oswego. Three extra are deliberate for Vancouver, Washington, Bend and Blissful Valley.
Coupled with the nationwide improve in model consciousness for Oregon Pinot Noir, Bernau mentioned the eating places will solely improve demand. He estimates that Willamette Valley Vineyards must double manufacturing over the subsequent 5-7 years to maintain up.
The Salem Hills vineyard continues for use to make small batches of Pinot Noir, with extra room for tasting and hospitality, Bernau mentioned.
As well as, Willamette Valley Vineyards is creating a brand new place as Director of Winemaking and Vineyards who will handle the transition to the brand new vineyard, oversee operations and assist develop manufacturers and merchandise.
Willamette Valley Vineyards owns 5 vineyards within the Willamette Valley protecting roughly 500 acres and 35 acres in japanese Oregon and Washington within the Walla Walla Valley and The Rocks District of the Milton-Freewater American Viticultural Space. The vineyard additionally has 500 acres below contract with Oregon growers.
Bernau attributes the growth of the vineyard to his enterprise mannequin, as a listed firm with greater than 19,000 wine lovers as shareholders.
In mid-June, the vineyard issued a $ 10.7 million inventory providing to fund the brand new eating places. The shares promote for $ 5.05 with an annual dividend of 4.36% or a wine credit score value 15% extra.
“Our homeowners are the inspiration of our success,” mentioned Bernau.
Willamette Valley Vineyards managed to develop gross sales and earnings regardless of the pandemic, in response to the newest annual report filed with the US Securities and Trade Fee.
Internet gross sales had been $ 27.3 million, up about 10% from 2019, whereas internet earnings was $ 6.9 million, up 23%.
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