Jack Daniel’s announces $100-million expansion to meet global demand
Don’t expect a whiskey shortage anytime soon.
Jack Daniel’s is investing $100 million to expand its distillery operations in Lynchburg, Tenn., the brand’s parent company Brown-Forman Corp. said Thursday.
The addition of new stills and barrel warehouses was needed to meet soaring global demand for the iconic American whiskey.
Sales of Jack Daniel’s have grown for 21 consecutive years, the company said, underscoring the rising appetite for U.S. bourbon and Tennessee whiskey.
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Gross revenues for all brands of American bourbon and Tennessee whiskey rose to $2.2 billion last year, up from $2 billion in 2011 and $1.8 billion in 2008, according to the Distilled Spirits Council of the United States.
Jack Daniel’s said global sales grew 9% in the last year, exceeding 11 million cases for the first time.
Jack Daniel’s has enjoyed strong demand in the United Kingdom, Germany and Australia, whose consumers favor the brand’s premixed cocktails, according to the Associated Press.
Emerging markets such as China, Russia and Brazil are also proving promising for the 147-year-old spirit maker.
The distillery expansion will result in 90 new jobs and will tap the same source of cave spring water the company currently uses.
Shares of Louisville-based Brown-Forman rose 1.58% Thursday. The company also owns brands such as Southern Comfort and Finlandia.
For the Record. 3:23 p.m. Aug. 22: An earlier version of this post referred to Jack Daniel’s as a bourbon. It is a Tennessee whiskey.
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