Kweichow Moutai to Invest $2.23 Billion to Expand Production

By Yifan Wang

Kweichow Moutai Co. is investing 15.52 billion yuan (US$2.23 billion) to expand its production facilities.

The Chinese liquor maker, one of the country's largest listed companies, said late Wednesday that its board has voted in favor of the project, which consists of CNY10.54 billion in construction and engineering costs, and land expenses of CNY2.68 billion, among other investments.

The company plans to build 68 new liquor plants, 69 storage facilities and other production infrastructure.

The new facilities are expected to be completed in two years and add an estimated capacity of 19,800 tons a year, Moutai said.

Write to Yifan Wang at [e-mail]

Corrections & Amplifications

This article was corrected at 0125 GMT to reflect that the new facilities are expected to be completed in four years and add an estimated capacity of 19,800 tons a year. The original version incorrectly said the new facilities will be completed in two years and add capacity of 1,980,000 tons.

(END) Dow Jones Newswires

12-14-22 2020ET