Heineken to pour $183 million into expansion in Brazil [Reuters]
HEINEKEN N V S/ADR (HEINY)
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Source: Reuters
Heineken to pour $183 million into expansion in Brazil SAO PAULO (Reuters) - Heineken NV ( HEIN.AS ) will invest 865 million reais ($183.14 million) to expand its Ponta Grossa brewing plant in Brazil, the company said on Monday, as competition between the world’s two largest beer makers bubbles up. The Dutch brewer will make the investment this year and next and focus on it Heineken and Amstel brands at the third-largest brewing facility in Parana state in Brazil, its most important market worldwide. The company did not give details of the expansion plan, stating only that production would rise by 75%. “We are bringing forward by one year all the investments of our strategic plan. Brazil is a key market for us,” Heineken Brazil Chief Executive Officer Mauricio Giamellaro told Reuters. “Basically, we are building a new brewery,” he said in an interview. Despite the slow recovery of the Brazilian economy, the world’s second-largest brewer after Anheuser-Busch InBev ( ABI.BR ) is not
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