42.5 F
Fort Worth
Thursday, December 3, 2020
Culture Food Molson Coors restructuring as beer sales decline

Molson Coors restructuring as beer sales decline

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

Molson Coors Brewing Co. is laying off 500 workers worldwide and restructuring its operations as it faces declining beer sales.

The company expects to save $150 million by closing offices in Denver and elsewhere and simplifying its structure. Its four business units — U.S., Canada, Europe and International — will be consolidated into North America and Europe, with other regions reporting to those two.

Chicago will be its North American headquarters. Support functions like finance and human resources that are scattered around the U.S. will now be based in Milwaukee.

Molson Coors says it will save approximately $150 million with the new structure. It will use those savings to improve its digital marketing capabilities and introduce new products more quickly, like the canned wine and hard coffee it unveiled this year. Molson Coors says it has been working on reducing the time it takes to bring new products to market from 18 months to as little as four months in the U.S.

Molson Coors is also continuing its previously announced plan to modernize its breweries and make them more flexible to meet consumer demand. The company’s brewery in Golden, Colorado, is the largest in the U.S., brewing up to 10 million barrels of beer each year.

“Our business is at an inflection point,” Molson Coors President and CEO Gavin Hattersley said in a statement. “We can continue down the path we’ve been on for several years now, or we can make the significant and difficult changes necessary to get back on the right track.”

Hattersley became president and CEO last month when CEO Mark Hunter retired.

Molson Coors is dropping “Brewing” from its name to emphasize that it makes more than beer. It will become Molson Coors Beverage Co. in January.

Beer sales were up 5% in Asia and Western Europe in 2018 and rose 6% in Eastern Europe, according to Euromonitor. But they were flat in the U.S. as canned cocktails, hard seltzers and craft beers stole share from big brewers. The company’s beer brands include Miller, Molson, Coors, Blue Moon, Pilsner Urquell and Foster’s. It also makes Henry’s Hard Soda.

Overall Molson Coors reported a third-quarter loss of $402.8 million on Wednesday. On a per-share basis, the company lost $1.86. Earnings, adjusted for asset impairment costs and non-recurring costs, were $1.48 per share.

That exceeded Wall Street’s expectations, according to Zacks Investment Research. But the company’s adjusted revenue of $2.84 billion which fell short of analysts’ forecasts.

Molson Coors’ sales fell 3% to $8.1 billion in the first nine months of the year.

The company’s shares slipped 3.6% to $52.71 in midday trading.


close






Oh hi there 👋 It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Mooyah plans expansion with an eye on Fort Worth

Texas and burgers have a long and storied history. Plenty of cattle and all that. The Texas appetite for a burger – both old-fashioned...

DoorDash looking for a valuation of nearly $30B

NEW YORK (AP) — DoorDash is looking for a valuation of nearly $30 billion when it takes itself public, reflecting how integral food delivery...

The rise and fall of Tab – after surviving the sweetener scares, the iconic diet soda gets canned

Tab, the Coca-Cola company’s original diet soda brand, is headed to the soda graveyard, joining retired brands such as Like, Leed and Limette. Coca-Cola has...

Cholula is hot with $800M acquisition by McCormick and Golden Chick deal

Here’s some hot news. McCormick & Company Inc. (NYSE: MKC) on Nov. 24 announced that it has signed a definitive agreement to acquire the parent company...

New ownership at WineHaus

WineHaus Fort Worth announced a change in ownership and updates to the popular wine bar located at 1628 Park Place Ave. New owners Robyn Davis...