Alcoholic beverage maker Anheuser-Busch Inbev (BUD) , best known for its Budweiser products, is going to use $2 billion in U.S. capital spending to boost its flagship brand and improve distribution, Bloomberg reports. The money will also be used to support the company's venture into different beverage endeavors.
The move was sparked by the rise in competition in the U.S. from craft brews and other cocktails. The investment extends through 2020.
"What we are trying to do is the 'and' and not the 'or,'" Anheuser-Busch CEO Joao Castro Neves told Bloomberg. The goal is to extend its business without ignoring the company's core field.
Shares of Anheuser-Busch were lower slightly early Monday afternoon.
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