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Article: ASAHI BREWERIES TO SELL ALL SHARES IN BOTTLE UNIT TO ISHIZUKA.
- Article from:
- AsiaPulse News
- Article date:
- July 8, 2002
CopyrightCOPYRIGHT 2002 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NAGOYA, July 8 Asia Pulse - Asahi Breweries Ltd. (TSE:2502) said Friday it will sell all of its shares in Asahi Breweries Packs, a wholly owned manufacturer of glass bottles, to Ishizuka Glass Co. (TSE:5204) in late March 2003 for several hundred million yen.
Behind the decision is sagging demand for glass bottles amid weak beer sales. Demand for cans, however, is rising thanks to the popularity of low-malt beer. Against the backdrop, breweries are restructuring their glass-bottle businesses, with Kirin Brewery Co. (TSE:2503) also planning to liquidate its glass-bottle unit.
Asahi Breweries Packs suffered an operating loss of 1.1 billion yen (US$9.2 ...