Fen Wine aims to meet demand
By Staff Reporter |
April 10, 2010, Saturday
|
Print Edition
Print Edition
SHANXI Xinghuacun Fen Wine Factory Co, one of China's leading liquor producers, plans to invest 242 million yuan (US$35.5 million) in a year to expand warehouse and production capacities.
The Shanxi-based company joins other domestic distillers in raising capacity to cash in on the growing demand for liquor in China in tandem with a recovering economy.
Fen Wine said 98.8 million yuan will be used to update storage facilities, according to a statement sent to the Shanghai Stock Exchange. Another 143.4 million yuan will be invested to increase capacity of 65-degree alcohol by 3,825 tons annually, which will generate additional profit of 51.6 million yuan annually.
Fen Wine's net profit surged 45 percent to 354 million yuan last year from 2008.
Fen Wine mainly makes and sells Fenjiu, Zhuyeqing and Xinghuacun wines in China. It is entering the high-end market to compete with Wuliangye and Kweichow Moutai in China, the world's largest alcohol market.
Kweichow Moutai earlier said it plans complete a project that would boost capacity by 2,000 tons this year.
The Shanxi-based company joins other domestic distillers in raising capacity to cash in on the growing demand for liquor in China in tandem with a recovering economy.
Fen Wine said 98.8 million yuan will be used to update storage facilities, according to a statement sent to the Shanghai Stock Exchange. Another 143.4 million yuan will be invested to increase capacity of 65-degree alcohol by 3,825 tons annually, which will generate additional profit of 51.6 million yuan annually.
Fen Wine's net profit surged 45 percent to 354 million yuan last year from 2008.
Fen Wine mainly makes and sells Fenjiu, Zhuyeqing and Xinghuacun wines in China. It is entering the high-end market to compete with Wuliangye and Kweichow Moutai in China, the world's largest alcohol market.
Kweichow Moutai earlier said it plans complete a project that would boost capacity by 2,000 tons this year.
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