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Investing.com– Sapporo Holdings (TYO:) shares fell sharply on Wednesday after the Japanese beer giant announced the sale of a major U.S.-based craft brewing brand, Stone Brewing, after just three years of ownership.
Sapporo shares fell as much as 6.4% to 1,712.5 yen before marginally trimming losses.
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The company said it will sell Stone Brewing to local rival Firestone Walker and Duvel Moortgat for an undisclosed amount. The sale will include all of Stone’s assets, excluding the Escondido brewing facility and bistro.
Sapporo expects to log a gain on transfer of $23 million and impairment losses of about $80 million from the sale, it said in a statement. The deal is expected to close by May.
Sapporo had acquired Stone in 2022 about between $165-$168 million, which it planned to use as a jumping point for producing Sapporo-branded beers in the United States.
But the deal soured almost immediately amid a broader, sustained decline in U.S. demand, while high competition and rising input costs also weighed.
Sapporo in early-2025 recorded an over $90 million impairment loss on Stone Brewing.
The company, which is among Japan’s largest beer and beverage makers, said it will still maintain its other U.S. operations. Sapporo’s Richmond plant will be its core production base in the country.
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