The CEO of Japanese beverage company Suntory Holdings has said that the coronavirus won’t deter his company and other Japanese firms from acquiring overseas businesses.
Japanese companies in recent years have turned to overseas acquisitions for growth, amid shrinking demographics and low economic growth domestically. In 2014, Suntory ourchased Kentucky-based Beam for $16bn.
“A ‘post-pandemic’ world will eventually arrive, and considering the low cost of financing, if opportunities arise we’d want to pursue them,” said Suntory CEO Takeshi Niinami.
Niinami went on to say he hoped that the election of Joe Biden as President of the United States of America would help to rebuild international relations and stabilise ties with trading partners.
He also predicted that over 20% of restaurants and bars in Japan could close permanently as a result of the pandemic.
Suntory is one of the largest beverage companies in the world and has annual sales of about $25bn. Its diverse portfolio of brands includes Yamazaki whisky as well as numerous beers, soft drinks, and other spirits.