Some big news for the village of Formosa, as the Brewery has been sold.
The President and CEO of Waterloo Brewing, also known as Brick Brewing, George Croft tells Bayshore Broadcasting news, the Formosa Plant deal officially closed September 6th.
It was sold for 2.4 million dollars to a buying group led by Zhang Haoliang, following 3 to 4 months of negotiations.
Waterloo Brewing decided to sell off the Formosa plant early this year and has been looking for a buyer who will run it as a craft brewery.
The plant has been brewing beer since 1870 and is one of the oldest plants in Canada.
Croft is optimistic the buyers group will not only continue the craft brewing operation but has talked about expanding the facility.
The sale includes land, building, equipment as well as both the Red Baron and Formosa Springs brands.
There are 18 employees at the Formosa facility.
Waterloo Brewing is the 4th largest beer in Ontario, producing over 3.3 million cases of beer a year.
