Released over a three year period, the funds will be used to increase capacity in the business’ breweries in Ucayali, Cusco, Lambayeque, Lima and Arequipa. It will also support investment in vehicles, glass bottles and other essential equipment to support future expansion.
Luis Eduardo Garcia Rosell, interim Backus president, said: “Peru has seen strong growth in recent years and economic forecasts remain positive, with average annual GDP growth of 3.3% predicted until 2020. We believe that continued investment in our operational capacity, in addition to the attractiveness of our brand portfolio and the beer category as a whole, will allow Backus to continue to capitalise on this impressive upward growth trajectory.
“However, it isn’t just the company’s shareholders that will benefit from our capital investment programme. For every person it directly employs, Backus already supports three Peruvian jobs in the value chain. This further investment demonstrates our continued commitment to local communities, supporting jobs and businesses across the country and promoting economic growth and wealth creation for the benefit of all.”
Following strong growth in its African division, SABMiller has also confirmed a US$260m investment programme to fund capacity expansion in its subsidiaries in Uganda, Ghana, Zambia and Tanzania.
SABMiller’s growth in the region has been driven by continued investment in diverse product portfolios, enhanced distribution and consumer occasion activations. Beer has grown category share from a low base of per capita consumption, supported by a buoyant economic environment.
SABMiller Africa has seen growth of 34% in Castle premium beers (Castle Lager, Castle Lite and Castle Milk Stout). At the other end of the price spectrum, the company has introduced and expanded the reach of a range of affordable traditional and locally sourced beers including Eagle sorghum beer, Chibuku opaque beer and Impala cassava beer.
Source: SABMiller
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