Kirin targets 2 trillion yen in sales

Kyodo News

Kirin Brewery Co. on Tuesday announced a new medium-term business plan that aims to boost its consolidated sales to more than 2 trillion yen in 2009.

The major beer maker said it will try to increase its consolidated sales to 2.15 trillion yen in the year to December 2009, up 28.0 percent from 2006, and its group operating profit to more than 150 billion yen in 2009, up more than 28 percent from 2006.

Under the 2007-2009 business plan, Kirin will earmark 300 billion yen for mergers and acquisitions to expand its business, twice the sum the company has spent on M&As over the past three years.

Kirin also said it has successfully completed a tender offer for Mercian Corp., obtaining a 50.12 percent stake of the winemaker’s outstanding shares for about 24.8 billion yen.

Mercian will become a subsidiary of the brewer following the takeover bid, which ended Monday, in a capital and business alliance to create the strongest liquor business group in Japan.