Drinks giant Diageo is due to make a major announcement on the future of its landmark Guinness brewery in Dublin.

The firm refused to comment on speculation that it plans to relocate part of the St James's Gate premises to a new green field site outside the city to cut costs.

Diageo chief executive Paul Walsh is meeting management and staff at the plant to unveil a year-long review of its operations in the Irish Republic.

The Guinness Storehouse adjoining the famous brewery is one of the most popular tourist attractions in the country.

However, the 60-acre St James's Gate site on the south side of the River Liffey is estimated to be worth more than £789 million.

Guinness was first brewed on the premises in 1759. Up to four million pints of the stout are now produced there each day.

Diageo currently employs 2,500 workers at brewing facilities in Dublin, Dundalk, Kilkenny and Waterford.

As well as Guinness, the firm manufactures other popular beer brands such as Smithwicks, Kilkenny and Harp.