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Whisky firm Diageo to invest £1bn

Whisky firm Diageo to invest £1bn

News this morning reported on BBC news that Diageo is to invest £1bn into the Scotch whisky (whiskey) industry. Some key points from this press release.
  • Diageo announced it's to invest £1bn in Scotch whisky production over the next five years.
  • New distillery in Speyside and would draw up plans for a second.
  • New warehouses to store the Scotch will also be built.
  • Expected to generate an additional 500 jobs in the wider economy.
Below is the full article from BBC News.

The drinks giant Diageo has announced it is to invest £1bn in Scotch whisky production over the next five years.

The company said it would build a new distillery in Speyside and would draw up plans for a second if the global appetite for Scotch continues. New warehouses to store the Scotch will also be built. Further details of the investment will be released over the coming months - but the various schemes are expected to create 100 new full-time jobs. In addition 250 jobs will be created each year in construction over the five year period and the investment is expected to generate an additional 500 jobs in the wider economy. Diageo which makes the Johnnie Walker, J & B and Bells whisky brands has 28 malt distilleries - and employs more than 4,000 people in Scotland. The company has reported that its Scotch brands have grown by 50% over the past five years - totalling £3bn in this financial year. Diageo Chief Executive Paul Walsh said: "We expect that success to continue, particularly in the high growth markets around the world, which is why we are announcing this major investment in Scotch whisky production, committing over £1billion in the next five years, to seize that opportunity for global growth. "This builds on the foundations we have already laid down over recent years through sustained investment in both production assets and in maturing Scotch inventories. "Scotch whisky is a significant manufacturing export industry in the United Kingdom, driving domestic investment and job creation through our success in exporting to high growth markets around the world." To view the original article from BBC click here. If you are looking to purchase whisky online, click here.
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