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Japanese beer and beverage maker Kirin is selling its China soft drinks joint venture to a Chinese investment fund, Plateau Consumer, for $994 million to enhance its pharmaceutical business.
The sale covers Kirin’s entire 40 percent stake in China Resources Kirin Beverages.
Established in 2011, China Resources Kirin Beverage had been expanding its business in China, making bottled water and bottled tea.
The move was part of its recent decision to review its investment portfolio, including foreign operations, under a management plan that runs through 2024. It comes shortly after Kirin decided to pull out of a joint venture brewery in Myanmar.
Kirin is focusing on certain areas, including pharmaceuticals and health science as well as food and beverages.
The Tokyo-based company has been streamlining its operations to focus on pharmaceutical projects like developing drugs for diseases that have no existing treatments and working on what it calls LC-Plasma to offer products that help maintain immune systems.
Kirin is among Japan’s top beer brands, and still has various global operations, including Four Roses Distillery in the U.S. and San Miguel Brewery in the Philippines.
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