by Karl Utermohlen | August 22, 2013 12:49 pm
Brown-Forman (BF.B) announced that it will be expanding its Jack Daniel’s distillery within the next two years, adding another production facility and 90 jobs.
ABC News reports that the spirits and wine company will spend $100 million to its distillery in Lynchburg, Tennessee to add stills and barrel warehouses. Brown-Forman said that the distillery — which has existed since 1866 — will have a second production facility in the same location that will continue to use its trademark cave spring water to make the whiskey.
The company will expand on its flagship brand due to the growing popularity of whiskey in the U.S. and abroad over the last decade. Jack Daniel’s has grown significantly over the last nine years with the company now shipping about 11 million cases a year compared to 7.7 million cases in 2004.
Some of Brown-Forman’s other brands include Southern Comfort, Finlandia Vodka and Canadian mist. The company will release its earnings for the first fiscal quarter of 2014 on Aug. 28.
Source URL: http://investorplace.com/2013/08/jack-daniels-announces-100m-expansion-new-jobs/
Short URL: http://invstplc.com/1nylm3m
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.