Jim Beam Bourbon considering $101.7m expansionBy Nicola Carruthers
Beam Suntory is considering a US$101.7 million expansion of its Jim Beam distillery in Clermont, Kentucky.
According to a document released by the Kentucky Economic Development Finance Authority last week, Jim Beam Brands Company is “considering increasing its facility in Clermont by creating new distillation capacity and building new capabilities in the Bourbon-making process”.
The authority has approved a US$1.2m tax incentive for the company, and an additional US$600,000 in tax incentives to “steadily increase capacity over the next five years at its largest distillery in Boston to meet consumer demand”. The firm plan to spend US$63.1m to increase capacity in Boston, Kentucky.
Emily York, corporate communications director at Beam Suntory, told The Spirits Business: “As the world leader in Bourbon, we are committed to investing ahead of growth and setting our brands up for continued success.
“While we have not finalised our plans, we’re considering a variety of investments to continue to grow our business in Kentucky and around the world.”
Earlier this year, the group confirmed it will invest JPY100 billion (US$917m) to increase its Bourbon production over the next five years,
Maker’s Mark and Yamazaki producer Beam Suntory posted mid-single-digit growth in 2017, driven by market share gains in the US and Japan.