Suntory confirms Tsingtao China JV withdrawal
Suntory has replaced its China beer JVs with a licence agreement
The Japanese firm, which was rumoured earlier this month to have been considering the move, confirmed two weeks ago that it has offloaded its 50% stakes in Suntory Tsingtao Brewery (Shanghai) Co and Tsingtao Brewery Suntory (Shanghai) Sales Co to its partner. Financial details were not disclosed.
“By concluding a new production and sales licence agreement,” the company said, “the Suntory beer brand will continue to be sold as normal - principally in Shanghai and Jiangsu Province - following the transfer of shares.”
Suntory set up its Chinese partnership with Tsingtao in 2012. Late last month, reports claimed the company is considering a “strategic partnership” for its beer brands in the US.
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