The Brown-Forman Corporation has announced that it has purchased all shares of Slane Castle Irish Whiskey Limited, and will then invest approximately $50 million to build a new distillery and consumer experience on the historic Slane Castle Estate in County Meath, Ireland.

“Irish whiskey has been one of the fastest growing segments in the global whiskey category over the last few years,” stated Lawson Whiting, executive vice president and chief brands & strategy officer for Brown-Forman Brands.

Whiting said that Brown-Forman will open the Slane Irish Whiskey Distillery in late 2016. Slane Castle is located in the middle of a 1,500 acre estate in the heart of the Boyne Valley, 30 miles north of Dublin. It is the home of Henry Conyngham, the eighth Marquess Conyngham, and his son, Alex Conyngham, the Earl of Mount Charles.

In the spring of 2017, the company will introduce new Irish whiskeys, initially using high quality whiskey purchased from other Irish distilleries and then finished to Slane’s exacting specifications, while the whiskey made at the new Slane Distillery is laid down to mature in the nearby Irish countryside.

“We’ll use proprietary methods to create unique and high quality taste profiles to position our brands in the premium and super premium segments, with a range of blended, pot still, and single grain Irish whiskeys that will delight whiskey aficionados and consumers alike,” said Whiting.

Alex Conyngham said, “Our family has been part of the Slane community for many generations and we are pleased to join forces with Brown-Forman to bring our special part of Ireland to the world. Our commitment to caring for our land, cultivating barley, and our family legacy are consistent with Brown-Forman’s long-term approach to whiskey making, and we believe that this aligned approach will bring great success.”