International spirits company Beam Suntory has partnered with the University of Kentucky to contribute a substantial $9.375 million donation.
Over the next 10 years, Beam Suntory will donate $7.5 million to the university. In addition, a further $1.875 million is to be paid through the Commonwealth of Kentucky Research Challenge Trust Fund Endowment Match Program.
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The funds are earmarked to expand the James B. Beam Institute for Kentucky Spirits, which aims to educate the next generation of distillers and advance the bourbon industry. A portion of the funds will also go to funding professorships and boosting partnerships. All of these factors will help to increase enrollment in the institute by 50%, according to Beam Suntory.
The James B. Beam Institute, named after the legendary bourbon brand’s founder, will provide a platform for students interested in the spirits industry. Furthermore, it will offer a curriculum focused on fermentation science, engineering, and business classes tailored to the bourbon sector.
This collaboration between Beam Suntory and the University of Kentucky, which began in 2019, represents a significant investment in the bourbon industry. The industry brings around $9 million into Kentucky’s economy annually.
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Since the beginning of the partnership, Beam Suntory has donated around $6 million to the university. These funds helped to build a 7,500-square-foot research distillery, teaching the next generation of distillers.
Beam Suntory President and CEO Greg Hughes said: “The ongoing partnership between the University of Kentucky and Beam Suntory reflects one of our core values — Growing for Good — by committing to investing in the future of bourbon and the professional and economic opportunities it provides. We’re proud to have such a strong partnership in not only advancing the industry today but also in training the next generation of distillers, creating more opportunity and representation in bourbon and beyond.”
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