Lotte Ventures into Beer Brewing

Lotte will finally realize a long-nurtured plan to go into the beer business by building a brewery in Chungju, North Chungcheong Province.

Lotte Chilsung Beverage and the city of Chungju on Wednesday signed an investment agreement for construction of the brewery.

Lotte Chilsung plans to build it on 33,000 sq.m in the new industrial complex in Chungju at a cost of W700 billion (US$1=W1,142).

A company spokesman said, "Our goal is to break ground in 2015 after obtaining a brewing license from the National Tax Service. Construction is expected to take two to three years."