Heineken announces joint venture with CAM in Côte d'Ivoire

The Dutch Heineken, the world's third-largest brewery, after AB Inbev and SABMiller, announced on Friday the formation of a joint venture with the Distributor CAM for production and sale of beer in the Ivory Coast. The new company will be called Brassivoire and will have 51% stake of 49% of Heineken and participation of CAM.
Heineken also announced the launch of the foundation stone for the installation of a brewery in Côte d'Ivoire. The new unit will receive an investment of € 150 million ($ 112,13 million) and will have capacity to produce 1.6 million hectolitres per year. The forecast is to start local production of beer in 2017.
The CAM, subsidiary of the Toyota Tsusho Group Corporation (TTC), is a distributor of consumer goods and services with operations in 39 countries, including 34 African countries and seven French territories.
Heineken seeks to expand its market share through acquisitions and partnerships, following the same path of the industry's biggest rival, the AB InBev, which should announce until 16 October a proposal for purchase of SABMiller. Earlier this month, Heineken announced the purchase of 50% of the Lagunitas Brewing Company, the fifth-largest brewery of the United States in volume production.
Heineken ended the second quarter of the year with 88% increase in its net profit to € 1.14 billion. The result exceeded the expectations of analysts, who expected a profit of less than 1 billion euros. The company has its results driven this year by growing sales in emerging markets of Asia, Latin America and Asia.