Tsingtao beer made in Canada with Red Deer brewery buy

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Published: November 9, 1995

CAMROSE, Alta. (Staff) – China’s largest brewery is buying the bankrupt Drummond Brewery of Red Deer.

Vancouver’s ITI World Investment Group and Tsingtao Brewers of Qingdao, China plan to buy the Alberta brewery to sell their Tsingtao beer in Canada and export Canadian malting barley to China, Drummond announced.

The purchase is subject to a review by the brewery and approval by the Alberta Stock Exchange. Purchase price wasn’t disclosed. Drummond owes secured creditors $5.6 million and unsecured creditors $2.5 million.

Its assets were frozen Aug. 4 when the company sought full protection under the federal bankruptcy law. Ernst and Young was appointed manager.

Good for SWP

Trish Jordan, communications co-ordinator for the Alberta Wheat Pool, said the sale of the brewery is good news.

“As 50 percent owners we will receive some assets of what comes out of the sales,” said Jordan, of Calgary. “In our minds it’s certainly good news.”

Tsingtao is sold in several Chinese restaurants in Canada.

The Chinese brewery plans to target niche beer markets within North and South America and distribute other international brands as well.

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