Diageo (NYSE: DEO ) is pouring its future into a glass of scotch. The company announced it is investing around 30 million pounds ($49 million) into the expansion of its Clynelish scotch whisky distillery in the north of Scotland. The investment will be used for equipment that will allow the distillery to double its annual production to 9 million liters.
The Clynelish expansion is part of a broader initiative by the company to boost whiskey production. In June 2012, it announced it would devote 1 billion pounds ($1.64 billion) to the effort, anticipating the continued rise of the global whiskey market. That market has grown by 87% during the past 10 years, according to figures from the Scotch Whisky Association quoted by The Wall Street Journal.