Sapporo Holdings reported the sale of Stone Brewing on Wednesday, a move that coincided with a sharp drop in its Tokyo-listed shares. Stock in the Japanese beverage company slid as much as 6.4% to 1,712.5 yen before trimming some losses following the announcement.
The buyer group comprises U.S. rival Firestone Walker together with Belgian brewer Duvel Moortgat. Sapporo said the transaction will transfer all of Stone’s assets except for the Escondido brewing facility and adjoining bistro. The companies did not disclose the sale price. Sapporo indicated the deal is expected to close by May.
From an accounting perspective, Sapporo expects to record a gain on transfer of $23 million associated with the sale, but also plans to recognize impairment losses of about $80 million. The firm previously posted an impairment on Stone Brewing of over $90 million in early 2025.
Sapporo acquired Stone in 2022 for a price reported between $165 million and $168 million. At the time of the acquisition, the brand was intended to serve as a platform for producing Sapporo-branded beers in the U.S. market. According to the company, the venture encountered a rapid deterioration in demand in the United States, and the business faced heightened competition and rising input costs which weighed on performance.
Despite the divestment of Stone, Sapporo said it will maintain its remaining U.S. operations. The company named its Richmond plant as the core production base for its activities in the United States.
Context and implications - The planned sale crystallizes prior write-downs related to Sapporo’s U.S. craft-beer strategy and will have immediate accounting effects reflected in the company’s near-term results. Shareholders saw the equity reaction in Tokyo as investors digested the impact of the transaction and the impairments already taken earlier in 2025.
There is no additional financial detail on the transaction price in the company’s statement, and Sapporo has not changed its stated intention to retain other U.S. production capacity centered on Richmond.