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| Scotch whisky firm, Diageo, to invest £1bn | Scotch whisky firm, Diageo, to invest £1bn |
| (about 1 hour later) | |
| The drinks giant Diageo has announced it is to invest £1bn in Scotch whisky production over the next five years. | The drinks giant Diageo has announced it is to invest £1bn in Scotch whisky production over the next five years. |
| The company said it would build a new distillery in Speyside and would draw up plans for a second if the global appetite for Scotch continues. | |
| New warehouses to store the Scotch will also be built. | New warehouses to store the Scotch will also be built. |
| Further details of the investment will be released over the coming months - but the various schemes are expected to create 100 new full-time jobs. | Further details of the investment will be released over the coming months - but the various schemes are expected to create 100 new full-time jobs. |
| In addition 250 jobs will be created each year in construction over the five year period and the investment is expected to generate an additional 500 jobs in the wider economy. | In addition 250 jobs will be created each year in construction over the five year period and the investment is expected to generate an additional 500 jobs in the wider economy. |
| Diageo which makes the Johnnie Walker, J & B and Bells whisky brands has 28 malt distilleries - and employs more than 4,000 people in Scotland. | Diageo which makes the Johnnie Walker, J & B and Bells whisky brands has 28 malt distilleries - and employs more than 4,000 people in Scotland. |
| The company has reported that its Scotch brands have grown by 50% over the past five years - totalling £3bn in this financial year. | |
| Diageo Chief Executive Paul Walsh said: "We expect that success to continue, particularly in the high growth markets around the world, which is why we are announcing this major investment in Scotch whisky production, committing over £1billion in the next five years, to seize that opportunity for global growth. | Diageo Chief Executive Paul Walsh said: "We expect that success to continue, particularly in the high growth markets around the world, which is why we are announcing this major investment in Scotch whisky production, committing over £1billion in the next five years, to seize that opportunity for global growth. |
| "This builds on the foundations we have already laid down over recent years through sustained investment in both production assets and in maturing Scotch inventories. | "This builds on the foundations we have already laid down over recent years through sustained investment in both production assets and in maturing Scotch inventories. |
| "Scotch whisky is a significant manufacturing export industry in the United Kingdom, driving domestic investment and job creation through our success in exporting to high growth markets around the world." | "Scotch whisky is a significant manufacturing export industry in the United Kingdom, driving domestic investment and job creation through our success in exporting to high growth markets around the world." |