Australia's beverage company Foster's Group Ltd has sold its brewing interests in India and Vietnam for $225 million, marking its exit from beer-making in Asia.
The Foster's brand in India has been sold to SABMiller plc for $120 million whereas its Vietnam business has been sold to Asia Pacific Breweries for $105 million.
The company said the latest divestments, together with the recent sales of its Chinese brewing business and the Foster's brand in Europe and related sponsorship and overhead restructuring initiatives, will generate net proceeds of more than $1 billion, with less than $5 million of net earnings foregone.
Foster's Group chief executive officer Trevor O'Hoy said the company had grown to become the seventh most popular international premium beer and one of the best-known Australian brands, but until recently the company had struggled to generate adequate value from the brand.
"However, over the last four months, we've unlocked more than $1 billion through the sale of the Foster's brand in Europe to Scottish & Newcastle, the sale of our brewing business in China to Suntory Ltd and now the divestment of our remaining Asian brewing businesses," he was quoted as saying in a media report.
On a combined basis, the sales of Foster's Group's businesses in China, India, and Vietnam will generate net proceeds of over $300 million, and eliminate loss-making operations, the company said.
The transactions are expected to be completed during September.
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