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Business deals

Kirin to sell Australian dairy unit to China's Mengniu

Japanese brewer continues streamlining to focus on alcoholic beverages

A Lion Dairy & Drinks logistics facility in Australia. (Photo courtesy of the company)

TOKYO -- Kirin Holdings on Monday announced it will sell its Australian beverage business to China Mengniu Dairy for 45.6 billion yen ($419 million) in 2020.

In a deal first reported by Nikkei, the Japanese brewer has decided to unload Lion Dairy & Drinks, a unit under Lion, which oversees Kirin's operations in Australia and New Zealand. The unit logged sales of 144.2 billion yen and an operating profit of 5.1 billion yen for 2018.

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