Tingyi, Asahi, Itochu team up to expand China's beverage market

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Last updated at: (Beijing Time) Tuesday, January 06, 2004

Tingyi, Asahi, Itochu team up to expand China's beverage market

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Japanese alcoholic beverage producer Asahi Breweries Ltd ("Asahi") and trader Itochu Corporation ("Itochu") announced at a news conference here Monday a strategic partnership with Chinese packaged food and beverage producer Tingyi Holding Company ("Tingyi") to further enhance their strong foothold in China's beverage industry.

A-I China Breweries Co Ltd, an entity with 80 percent held by Asahi and 20 percent by Itochu, will pay cash to acquire a 50 percent equity interest in Tingyi-Asahi-Itochu Beverages, a newly incorporated holding company with 100 percent interests in 13 beverage subsidiaries previously owned by Tingyi.

The trio said their efforts aim to "further cement leadership" in China's beverage market which had a total consumption of 20 million kilo-liters and a total annual sales turnover of over 120 billion RMB yuan (14.6 billion US dollars).

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