The Japanese company formally completed its acquisition of the business yesterday and confirmed its proposal to open a third source of natural spring water in Buffalo River Road, south of Myrtleford.

Asahi’s purchase of the company for an undisclosed price late last year was recently approved by the Australian Competition and Consumer Commission.

Mountain H2O had sales of $31.4 million last financial year, but Asahi Holdings managing director of non-alcoholic business David Beguely said in Albury yesterday the figure could increase to between $80 million and $90 million under the new owner’s plans.

The present workforce could almost double from 34 to 60 in the next 12 months.

“There is tremendous capability here,” Mr Beguely said.

“There is a fantastic source of water and great manufacturing capability.

“There is fantastic growth potential which we can export faster than the previous owners.”

The acquisition is in line with Asahi’s long-term plan to increase the share of sales from its overseas operation to 20-30 per cent of total revenue in which plants in Australia, New Zealand and Asia will play a key part.

Mr Beguely confirmed the company would retain the name of Mountain H2O and Steven Pitts would remain as general manager.

Mr Pitts was one of four directors of the company, which started in 2000 at Kancoona, alongside Paul Joss, Gary West and Peter Tobin.

The company now sources water from Kancoona and Buffalo Creek with the development application for the third site at Buffalo River Road going on public exhibition yesterday.

Asahi Breweries was established in 1949 and is the largest brewer in Japan employing nearly 16,000 people globally.

Its most recognised beer is Asahi Super Dry and its operations in Australia include the Schweppes drink brand, which it acquired in 2009.

Asahi Group Holdings executive vice-president Kazuo Motoyama travelled to Albury for the announcement yesterday and attended a mayoral reception hosted by Albury Council.

Talks between Mountain H20 and Asahi started almost 12 months ago about contract manufacturing options before escalating to buying the business.