PHILIPPINES: San Miguel Brewery buys international brewing arm
San Miguel Brewery, part-owned by Japan's Kirin Holdings, is to expand outside of its native Philippines by acquiring San Miguel Brewing International for US$300m.
San Miguel Brewery (SMB) will acquire the international brewing arm from parent firm San Miguel Corporation, which retains a near-52% stake in SMB. Kirin acquired the remaining 48% in SMB earlier this year.
The deal hands Kirin a greater presence in Asia Pacific beer markets in a year that has also seen the Japanese brewer take full control of Australia's Lion Nathan.
"Through this transaction, SMB will acquire a platform for its beer business in Southeast Asia with high growth potential, and will obtain rights on the international San Miguel brand in certain countries," said Kirin today (18 December).
It said the deal should be complete by the end of January 2010.
San Miguel Brewing International reported sales of US$283m and operating profits of $2m in 2008. It has six breweries, in China, Hong Kong, Indonesia, Vietnam and Thailand.
Kirin's net sales, minus excise tax, are expected to hit JPY1.93tn (US$21.6bn) for the 12 months of 2009, with operating profits of JPY125bn.
The wave of major consolidation activity in the beer market over 2008 was followed by weakening volume growth in 2009 as the economic downturn put a dampener on bullish tactics. With the global beer l...
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