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Brewer plans to buy assets in China
Source: Bloomberg News |
April 9, 2013, Tuesday
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Print Edition
Print Edition
ANHEUSER-BUSCH InBev NV, the world's biggest beermaker, plans acquisitions in China as beer drinking rises in its third-largest market.
Business in China is growing at a "double-digit" rate, "so that's very good," CEO Carlos Brito said at the Boao forum in Hainan. "We also have plans for inorganic growth because we have parts of the country where we have no breweries but where we sell our brands. It makes sense to have the production place closer to the consumption place."
The Leuven, Belgium-based maker of Budweiser beer will boost capital spending globally to US$3.7 billion this year as it increases investment in capacity expansion into Brazil and China. Brito, who spearheaded a bid for Mexico's Grupo Modelo SAB, said the growth potential of the beer market in China was "humongous," with per-capita consumption levels of the beverage much lower than elsewhere in the world.
AB InBev plans to build breweries in west China over the next three years and to expand beyond the coastal provinces, he said.
AB InBev made an unsuccessful bid to buy Guangdong-based Kingway Brewery Holdings Ltd's beermaking assets last year. China Resources Snow Breweries Ltd, which SABMiller co-owns with government-backed China Resources Enterprise Ltd, agreed to pay HK$6.6 billion (US$850 million) for the assets on February 5.
Business in China is growing at a "double-digit" rate, "so that's very good," CEO Carlos Brito said at the Boao forum in Hainan. "We also have plans for inorganic growth because we have parts of the country where we have no breweries but where we sell our brands. It makes sense to have the production place closer to the consumption place."
The Leuven, Belgium-based maker of Budweiser beer will boost capital spending globally to US$3.7 billion this year as it increases investment in capacity expansion into Brazil and China. Brito, who spearheaded a bid for Mexico's Grupo Modelo SAB, said the growth potential of the beer market in China was "humongous," with per-capita consumption levels of the beverage much lower than elsewhere in the world.
AB InBev plans to build breweries in west China over the next three years and to expand beyond the coastal provinces, he said.
AB InBev made an unsuccessful bid to buy Guangdong-based Kingway Brewery Holdings Ltd's beermaking assets last year. China Resources Snow Breweries Ltd, which SABMiller co-owns with government-backed China Resources Enterprise Ltd, agreed to pay HK$6.6 billion (US$850 million) for the assets on February 5.
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