Asahi Breweries Ltd. has agreed the details of the sale of its wholly owned glass bottle maker Asahi Beer Pax Co. to Ishizuka Glass Co. for JPY 100 million. The deal will go through on 1 April 2003, t…
Asahi Breweries Ltd. has agreed the details of the sale of its wholly owned glass bottle maker Asahi Beer Pax Co. to Ishizuka Glass Co. for JPY 100 million. The deal will go through on 1 April 2003, the two companies said 3 March 2003. Asahi Breweries will sell all 64,000 outstanding shares in Asahi Beer Pax Co. to glass containers manufacturer Ishizuka Glass. The decision to sell the company was agreed by the two companies in July 2002, followed by negotiations of detailed terms and the value of the deal. Ishizuka Glass said it plans to merge with Asahi Beer Pax by June 2003 to boost the profitability and competitiveness of its glass bottle operations. Asahi Breweries said the sale is designed to focus its business resources on its core beer and beverage businesses. The brewer said the transfer is expected to cause about JPY 4 billion in losses, but it will maintain its earnings forecast for the current year to 31 December 2003, released 21 February. 2003.