Molson Coors has finalised a deal to form a joint venture in China with Hebei Si’hai Beer Co.
Molson Coors will take a 51% stake in the venture, to be named Molson Coors Si’hai Brewing Co, the Canada-based brewing group confirmed today (21 September). It has paid Hebei Si’hai Beer US$40m in cash for the stake.
The China venture will have direct control over the Si’hai brewing operations, including its contract brewing business. The deal is part of Molson Coors’ plan to expand beyond its core markets of the US, Canada and UK, all of which have seen beer sales struggle over the last few years.
Molson Coors said that it plans to push Coors Light and regional Si’hai beers in China, a market that it entered in 2003. Coors Light is already available in around 40 Chinese cities.
“Molson Coors’ global brand expertise and innovation combined with Si’hai’s deep understanding of the local market will be a winning formula,” said Wang Si’hai, president of Si’hai Brewing Co.
Hebei Si’hai Beer is based in Chengde city, around 200km north-east of Beijing.
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