Tsingtao steps in after Suntory JV loses fizz
By Wang Zhuoqiong In Beijing And Xie Chu Anjiao In Qingdao, Shandong | China Daily | Updated: 2015-10-20 08:41
Chinese brewer to acquire balance 50% stake in venture for about $129.5 million
Tsingtao Brewery Co Ltd said on Monday that it is to buy the 50 percent stake it does not own in its loss-making joint venture with Japanese beverage conglomerate Suntory Holdings Ltd for 822.9 million yuan ($129.5 million) to boost efficiency.
The joint venture has run into rough weather as sales have stalled amid stiff competition in the Chinese market.
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