Jim Beam Owner Bets on Canned Vodka Cocktails to Double Revenue [BNN Bloomberg (Canada)]
SUNTORY BEV&FOOD UNSP/ADR (STBFY)
NASDAQ:AMEX Investor Relations:
suntory.com/softdrink
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Source: BNN Bloomberg
Suntory Holdings Ltd.'s New York-based Beam Suntory subsidiary will change its name to Suntory Global Spirits on Tuesday, removing Beam from its name a decade after it bought the US-based bourbon brand. The unit aims to grow its $5.5 billion in global sales to $10 billion by 2030 — with an emphasis on RTDs, or “ready to drink” beverages. “We want to spread Japanese authenticity, which is so popular in the US,” Tak Niinami, chief executive officer of Suntory Holdings, said in a phone interview. “R&D in RTD is our strength, and has been for more than 30 years, as we study to how to put flavors together with alcohol. It sounds like a very easy task, but it's not.” Suntory said the change didn't stem from any weakness in the Beam name and won't alter its commitment to the Jim Beam brand. But whiskey isn't growing as quickly as RTDs, and Jim Beam hasn't been growing at the same rate as some of Suntory's other whiskey brands. The company said in February that Jim Beam's sales grew 3%
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