Brown-Forman Corporation (NYSE: BFA) (NYSE: BFB) announced today the expansion of the Jack Daniel Distillery in response to global demand for its world-famous Tennessee Whiskey. The more than $100 million investment includes the addition of stills, barrel warehouses, and related infrastructure to support the expanding operations.
“The demand for Jack Daniel’s Tennessee Whiskey worldwide speaks volumes for the craftsmanship and specialness of a spirit distilled from a small cave spring hollow in Tennessee,” said Jeff Arnett, Master Distiller, Jack Daniel Distillery. “The expansion will help Jack Daniel’s continue to bring our distinctive, charcoal-mellowed whiskey to the world and to follow Mr. Jack’s belief when he said, ‘Every day we make it, we’ll make it the best we can.’”
Brown-Forman’s investment of more than $100 million is expected to result in approximately 90 additional full-time jobs over the next five years. Construction on the expansion will begin this fall and is expected to be completed within two years.
“I want to thank the Jack Daniel Distillery for today’s announcement and their continued investment in the people of Lynchburg and Tennessee,” Tennessee Gov. Bill Haslam said. “This company is an American brand but, more importantly, a Tennessee brand well recognized across the world, making it a global ambassador for our home state. Jack Daniel’s is one of our most historic exports, and it helps us in our efforts to bring new Tennessee products to the world marketplace.”The distillery expansion will be located on distillery property in the Lynchburg area and tied to the same source of cave spring water. “Jack Daniel’s is a globally recognized and well-respected brand that boasts a rich history filled with Tennessee tradition,” Tennessee Department of Economic and Community Development Commissioner Bill Hagerty said. “The substantial expansion set to occur in the upcoming years is tremendous for the community and underscores Tennessee’s No. 1 ranking for job growth in the Southeast. I appreciate the company’s continued investment in the state and the jobs created from today’s impressive announcement.”
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts