Foster's Group Pty. Ltd.was an Australian beer group with interests inbrewingandsoft drinks,known forFoster's Lager,now calledCarlton & United Breweriessince the company was renamed in 2011. Foster's was founded in 1888 inMelbourne,Victoriaby two American brothers, who sold the brewery a year later.
Company type | Subsidiary |
---|---|
Industry | Beverages |
Founded | 1888 |
Headquarters | Southbank,Melbourne,Australia |
Key people | Ari Mervis, Chief Executive Officer |
Products | Victoria Bitter Foster's Lager |
Parent | Asahi Group Holdings |
The company was renamed prior to sale to British-South African multinationalSABMillerin 2011. Foster's wine business was split into a separate company,Treasury Wine Estates,in May 2011. In October 2016Anheuser-Busch InBevacquired SABMiller, which ceased trading as a corporation, making the Foster's Group a direct subsidiary of the parent company. In June 2020, Carlton and United Breweries was sold to the Japanese beverage giant,Asahi Group Holdings.[1]
History
editFoster's was founded inMelbournein 1888 by two American brothers William and Ralph Foster ofNew York,United States,who happened to own a refrigeration plant. Cooling was necessary to brew and store acceptable lagers in Australia's hot climate, unlike the English-style dark ales commonly brewed at the time. They sold the brewery the following year and returned to the United States.[2]
In 1983Elders IXL,a giant Australian diversified conglomerate, purchasedCarlton and United Breweries,and renamed it Elders Brewing Group. Then in 1990, the Elders Brewing Group changed its name to the Foster's Group, to reflect the name of their most internationally recognised product.
In 2005, Foster's Group acquired the Australian wine-making groupSouthcorp Wines.This acquisition added famous brands such asPenfolds,LindemansandRosemountto the Foster's stable and aroundA$1 billion to revenues.
In May 2011, Foster's Group's Treasury Wine Estates unit was spun off into a separate company. The first day of trading saw its share price soaring, valuing the separate entity at A$2.2 billion.[3]
There had long been speculation that the beer sector or all of Foster's Group would be subject to a takeover by a larger firm. Groups to express such an interest over the years have includedDiageo,the British-South African companySABMiller,Molson CoorsandHeineken International.Foster's Group was renamedCarlton & United Breweries(CUB), and its wine business split into a separate company, Treasury Wine Estates, in May 2011. CUB was sold to SABMiller[4]in September 2011, valued atA$9.9bn(US$10.2bn; £6.5bn).[5]Foster's Group Limited shares (ASX code: FGL) were suspended from trading on the ASX on 2 December 2011 and delisted from the ASX at close of trading on 20 December 2011.[6]
On 10 October 2016Anheuser-Busch InBevacquiredSABMiller.SABMiller was delisted and ceased trading on global stock markets, and Foster's Group became a direct subsidiary of Anheuser-Busch InBev SA/NV.[4][7][8][9]As a result, Foster's Group became a direct subsidiary of Anheuser-Busch InBev SA/NV.[10]
In 2019,Business Insiderreported thatAsahi Group Holdings,a large Japanese beverage corporation, would buy Anheuser-Busch InBev's Australian assets, "including Foster's beer and Carlton and United Breweries".[11]In June 2020, Anheuser-Busch InBev completed the sale of Carlton and United Breweries to Asahi Group Holdings.[10]
Business
editIn 1990,Asahi Breweriesacquired a 19.9% stake in Australian brewery giant Elders IXL which later became Foster' s Group.
Foster's Group imports, licenses, and distributes a large number of brands. In Australia, Foster's distributes theCinzano,Perrier,Skyy vodka,Stella Artois,and42 Belowimport brands among many others. While in the United States and Canadian markets,Molsonbrews and sellsFoster's Lagerunder license.
In August 2008, it was convicted and fined more than A$1 million for two breaches ofVictoria's Occupational Health and Safety Act which led to the death of a worker in 2006.[12]The prosecution of the company by the Director of Public Prosecutions for WorkSafe Victoria resulted in a call for the company to better report on health and safety in its annual report.[13]
CEOTrevor O'Hoyresigned on 10 June 2008 after poor performance by the wine division of the group.[14]O'Hoy was replaced byIan Johnstonon 21 July 2008 in the position of acting CEO.[15]
Foster's announced yearly results which ended on 30 June 2009. The net sales revenue increases by 2.7% to A$4.5 billion. Net profit increases by 4.0% to A$741.5m and earnings per share increases by 4.6% to 38.5 cents.
In 2011, Fosters made major losses that including a write-down in the value of the wines division to A$1.8 billion[16]that at the business'sAGMin Melbourne on 29 April 2011, 99% of Fosters Group shareholders agreed to split Fosters Group business into two separate brewing and wines companies. The wines business becameTreasury Wine Estates,and was listed on the ASX on 10 May 2011.[17][18]In anABCinterview in late August 2011, the Carlton United Group (Fosters beer division) announced that they would be focusing more oncraft beerto meet the change in taste of the Australian drinker.[19]
In 2011, Foster's was acquired by SABMiller; the latter was acquired by Anheuser-Busch InBev SA/NV in October 2016.[20][21]
Brands
editBeers and breweries
edit- Carlton & United Breweries
- Cascade Brewery
- Cascade Amber Ale
- Cascade Bitter
- Cascade Blonde Lager
- Cascade Draught
- Cascade Export Stout
- Cascade Green
- Cascade Lager
- Cascade Pale Ale
- Cascade Premium Lager
- Cascade Premium Light
- Cascade Stout
- Foster's
- Great Northern Brewing Co.
- Grolsch
- KB
- Matilda Bay Brewing Company
- Alpha Pale Ale
- Beez Neez
- Big Helga
- Bohemian Pilsner
- Dog Bolter Dark Lager
- Fat Yak
- Redback
- Miller[citation needed]
- Miller Chill
- Miller Genuine Draft
- Peroni
- Peroni Nastro Azzurro
- Pilsner Urquell
- Power's Brewery
- Power's Bitter
- Power's dry
- Power's Gold
Cider
editSpirits
edit- Akropolis Oyzo
- Barossa Brandy
- Black Jack
- Continental Liqueurs
- Cougar Bourbon
- Coyote Tequila
- Karloff
- Kirov
- Prince Albert's Gin
- The Black Douglas
Non-alcohol
edit- Cascade
- Torquay
See also
editReferences
edit- ^"Iconic brewer Carlton & United sold to Japan's Asahi for $16 billion".The Sydney Morning Herald.19 July 2019.
- ^Dunstan, Keith, The Amber Nectar,ISBN0 670 90044 3;Australian Brewers' Journal 20-11-1889
- ^"Treasury Wine Valued at $2.3 Billion After Spinoff From Foster's Group".Bloomberg.Bloomberg.10 May 2011.Retrieved10 May2012.
- ^ab"Foster's Group".hobbyDB.18 May 2020.Retrieved18 December2020.
- ^"SABMiller agrees Foster's takeover deal".BBC News.21 September 2011.Retrieved21 September2011.
- ^"Investors".Foster's Group Ltd.Archived fromthe originalon 17 September 2013.Retrieved13 June2012.
- ^"Company Overview of SABMiller Limited".Bloomberg.14 November 2016.
The company was formerly known as South African Breweries plc and changed its name to SABMiller plc in July 2002.
- ^Dill, Molly (10 October 2016)."Anheuser-Busch to complete acquisition of SABMiller today".BizTimes.BizTimes Media LLC.Retrieved31 January2017.
- ^Nurin, Tara (10 October 2016)."It's Final: AB InBev Closes on Deal To Buy SABMiller".Forbes.Retrieved1 February2017.
SABMiller ceased trading on global stock markets last week
- ^abArthur, Rachel (June 2020)."AB InBev completes sale of Carlton & United Breweries to Asahi".beveragedaily.Retrieved10 September2020.
- ^GmbH, finanzen net."The maker of Budweiser is selling off its $11 billion Australian business after a failed IPO (BUD) | Markets Insider".markets.businessinsider.Retrieved10 September2020.
- ^Foster's fined $1.125m over worker's deathSarah-Jane Collins - 5 August 2008 -The Age.
- ^http:// worksafe.vic.gov.au/wps/wcm/connect/WorkSafe/SiteTools/News/Fosters+gets+record+fine+for+fatal+safety+breachesI[dead link ]
- ^Takeovers rarely work for shareholdersMichael West (10 June 2008) smh.au.
- ^ASX - Ian Johnston appointed acting CEO on departure of Trevor O'HoyArchived29 August 2008 at theWayback MachineMelbourne, 21 July 2008 - Media Centre - Foster's Group Limited.
- ^"Foster's shareholders decide wine and beer don't mix".ABC News.29 April 2011.Retrieved29 April2011.
- ^"Investors agree to split Foster's into beer, wine units".BBC News.29 April 2011.Retrieved29 April2011.
- ^"Treasury Wine Estates debuts in market middle".The Australian. 10 May 2011.Retrieved8 June2011.
- ^PM."New brew".Radio Programm Interview.ABC Radio National (Australia). Archived fromthe originalon 1 October 2011.Retrieved27 August2011.
- ^"Australia approves $11 billion Foster's sale to SABMiller".Reuters.24 November 2011.Retrieved18 August2021.
- ^Cimilluca, Dana (22 September 2011)."Foster's Accepts Big Bid".Wall Street Journal.ISSN0099-9660.Retrieved18 August2021.