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Nikkei Markets

CR Beer to add products, shut plants in premiumization drive

Staff number reduced by about 12,000 last year as company cuts capacity

CR Beer reported a 16.9% decline in its 2018 net profit to 977 million yuan ($145.4 million).

HONG KONG (Nikkei Markets) -- China Resources Beer Holdings is preparing to close down more breweries and introduce higher-priced products amid efforts to increase its share of revenue from premium beers.

The company - maker of the Snow brand of beer, the world's largest by sales volume - on Wednesday said it closed down 13 of its 91 breweries last year, cutting capacity by 1 million kiloliters to 21 million kiloliters. Its number of employees fell to about 40,000 at the end of 2018, down from 52,000 the year before. Company officials pointed to stock exchange announcements when asked about the number of employees laid off.

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