Tsingtao Brewery Co Ltd, China’s second-largest beer brewer, and Japanese alcoholic beverage producer Asahi Breweries Ltd held a news conference in Tokyo on Wednesday to consolidate their cooperation, sources reported.
Two sides jointly announced that they will enhance their strategic partnership so as to consolidate their market status.
The cooperation will enable two firms to share raw material procurement and production facilities inside China and will strengthen sales, said Jin Zhiguo, chairman of the Qingdao-based company, adding that the complementary assets from both firms will help develop mutual profits.
Tsingtao Brewery will share more than 50 production plants and its sales network to help Asahi Breweries promote its brand. Meanwhile, Tsingtao Brewery will be able to use Asahi Breweries’ production facilities in China to improve its production efficiency.
Tsingtao Brewery saw its net profit surge 67.87% year on year to RMB 639.78 million in the first half of this year. Earnings per share were RMB 0.489 in the period.