Asahi Breweries Ltd, has agreed the details of the sale of its wholly owned glass bottle maker Asahi Beer Pax Co, to glass container manufacturer Ishizuka Glass Co for JPY 100M. The deal was expected to go through on 1 April/03, the two companies said on 3 March/03. Asahi will sell all 64,000 outstanding shares in Asahi Beer Pax Co to Ishizuka Glass. The decision to sell the company was agreed by the two companies in July 2002, followed by negotiations of detailed terms and the value of the deal. Ishizuka Glass said it plans to merge with Asahi Beer Pax by June/03 to boost the profitability and competitiveness of its glass bottle operations. Asahi Breweries said the sale was designed to focus its business resources on its core beer and beverage sector. The brewer said the transfer is expected to cause about JPY 4BN in losses, but will maintain its earnings forecast.
