CALGARY (Staff) – An international investment company will forge ahead with plans to build a malting plant in China despite the pullout of the three prairie pools.
Ron Will of ITI International in Calgary said the company started talks with other investors during the last two months. They are also talking with major malting companies in North America and Europe who might be interested in running the plant. He refused to divulge which maltsters had been approached.
In light of a less than satisfactory profit picture last year, Alberta Wheat Pool, Saskatchewan Wheat Pool and Manitoba Pool Elevators decided last month to pull out.
Plans call for a $45 million structure, which will be run by a joint venture agreement between ITI, a malting company and Tsing Tao brewery in China. Financing hasn’t been completed, said Will.
The plant would have a 150,000 tonne production capacity with the ability to double in size.
Tsing Tao is one of the largest of 800 brewers in China where the taste for beer is growing exponentially.
