Sapporo Holdings Ltd., which last month cut its profit forecast, will invest as much as ¥200 billion over five years to boost growth and consider acquisitions to expand in food and soft drinks.

The beer maker is keeping its pledge to invest ¥150 billion to ¥200 billion by 2016 even after cutting annual revenue and profit projections, President Tsutomu Kamijo said in an interview in Tokyo last week.

Sapporo and larger competitors Kirin Holdings Co. and Asahi Group Holdings Ltd. are making investments overseas and in businesses such as food and soft drinks to help offset slumping beer demand at home. Sapporo last month slashed its operating income forecast 20 percent to ¥16 billion for 2012 on higher marketing expenses.