Asahi Breweries Ltd. will sell its wholly owned glass bottle manufacturer to Ishizuka Glass Co. for 100 million yen on April 1, the two companies said Monday.
Asahi Breweries will sell all 64,000 outstanding shares in Asahi Beer Pax Co. to Ishizuka Glass, a maker of bottles and other types of containers. The two companies agreed on the deal in July and have been negotiating the details.
Ishizuka Glass said it will merge with Asahi Beer Pax by June to boost profitability and competitiveness of its glass bottle operations. Asahi Breweries said it will now concentrate on its mainstay beer and beverage businesses.
The transfer is expected to cause about 4 billion yen in losses, Asahi Breweries said, adding that it will maintain its earnings forecast for the current year to Dec. 31, released Feb. 21.
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