Suntory confirms $900m Bourbon investment planBy Melita Kiely
Suntory has confirmed it will invest JPY100 billion (US$917 million) to increase its Bourbon production over the next five years, but not as a result of president Donald Trump’s corporate tax cuts.
Speaking to the Nikkei Asian Review, Suntory president Takeshi Niinami said the majority of funding will be invested in Kentucky distilleries operated by Beam Suntory, which produce brands such as Jim Beam and Maker’s Mark.
The money has reportedly been earmarked to improve capacity usage, and increase storage space for barrels of ageing whiskey.
However, a spokesperson for Suntory refuted reports that the investment was triggered by President Trump’s tax cut, which reduced the US corporate tax rate from 35% to 21% last year.
A spokesperson for Suntory said: “I can confirm that the investment will be taking place, but President Trump’s tax cut is not the trigger of the investments.
“Investment has always been on the discussion table and we have been making investment even before the tax cut.
“However, we do feel that this tax cut will be a boost to our future actions.”
Japanese drinks group Suntory Holdings bought Beam Inc for US$16bn in January 2014.
Beam Suntory hailed the success of its Jim Beam and Maker’s Mark Bourbon brands for boosting its Q2 financial results last year.