(Bloomberg) -- Treasury Wine Estates Ltd. unveiled an emergency plan to find new markets for its best-known labels including Penfolds after China imposed crippling anti-dumping duties of 169% on its wine over the weekend.In a statement Monday, Melbourne-based Treasury said demand for its wines in China will be “extremely limited” while the new taxes are in place. All told, Treasury needs to find another home for one quarter of its annual global Penfolds volume, and said its plan to diversify away from the world’s biggest buyer of Australian wine will take years to bear fruit.Treasury shares plummeted as much as 12% in Sydney as investors digested the scale of the reorganization facing the wine producer, the latest corporate victim of an escalating political dispute between Australia and China. The duties follow a raft of other measures targeting coal to copper to barley this year.The company said it’s reallocating Penfolds Bin and Icon labels normally destined for China to other luxury markets including Australia, the U.S. and Europe. The benefits of the company’s swiftly drawn-up response are likely to be limited during the current fiscal year ending June 2021, and will yield maximum results over a two- to three-year period, it said.The stock was down 9.6% at 10:12 a.m. local time, cutting the company’s market value to A$6.1 billion ($4.5 billion). That slump followed an 11% tumble on Friday as news of China’s measures was announced.China’s anti-dumping tariffs, which took effect Nov. 28., can potentially stay in place until Aug. 28, 2021. China represented approximately 30% of Treasury’s total earnings last fiscal year. Treasury said it’s also accelerating a drive to produce more wine in other countries such as France and potentially China to avoid the duties.China Targets Australian Wine, Says Ties Have Taken ‘Nosedive’“We are extremely disappointed to find our business, our partners’ businesses and the Australian wine industry in this position,” Chief Executive Officer Tim Ford said.China is the biggest buyer of Australian wine, importing A$1.2 billion in the year through September, according to government marketing body Wine Australia.(Updates with plunging stock in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.