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Molson Coors Beverage Company

From Wikipedia, the free encyclopedia

Molson Coors Beverage Company
Formerly
Molson Coors Brewing Company (2005–2019)
Public
Traded as
IndustryBeverages
FoundedMolson (1786)
Coors (1873)
Merged (2005)
HeadquartersChicago, United States
Prague, Czech Republic
Key people
Andrew Molson, (Chairman)
Pete Coors, (Vice Chairman)
Gavin Hattersley, (President and CEO)
ProductsBeer, malt beverages, energy drinks, spirits and wines
RevenueDecrease US$10.6 billion (2019)[1]
Decrease US$764.4 million (2019)[1]
Decrease US$241.7 million (2019)[1]
Total assetsDecrease US$28.9 billion (2019)[1]
Total equityDecrease US$13.7 billion (2019)[1]
Number of employees
17,700 (2019)[1]
DivisionsMolson Coors North America
Molson Coors Europe
SubsidiariesMolson Brewery
Coors Brewing Company
Miller Brewing Company
The Beer Store (49%)
Websitemolsoncoors.com

The Molson Coors Beverage Company, commonly known as Molson Coors, is a multinational drink and brewing company headquartered in Chicago in the United States and Prague in the Czech Republic.

Molson Coors was formed in 2005 through the merger of Molson of Canada, and Coors of the United States.[2]

In 2016, Molson Coors acquired the full global brand portfolio of Miller Brewing Company for approximately US$12 billion.[3] The agreement made Molson Coors the world's third largest brewer at the time.[4]

Molson Coors is a publicly traded company on the New York and Canadian Stock Exchange (TAP).

History

On July 22, 2004, the Adolph Coors Company and Molson, Inc. announced their plan to merge. The merger was completed February 9, 2005, with the merged company being named Molson Coors Brewing Company. The merger including the brands and brewing operations of the Molson Brewery and the Coors Brewing Company.[5][6] Molson Brewery was started by John Molson in Montreal, Canada in 1786. Coors Brewing Company was started by Adolph Coors in Golden, Colorado, United States in 1873.

Molson Coors bought Creemore Springs Brewery on April 22, 2005.[7]

The operations of Molson Coors in Brazil were sold to the Mexican group FEMSA in 2006, and the beer operations of FEMSA was acquired by Heineken International in 2010.

Joint venture with SABMiller

On 9 October 2007, SABMiller and Molson Coors Brewing Company announced a joint venture to be known as MillerCoors for their U.S. brewing and sales operations. SABMiller had 58% stake in the company, and Molson Coors had a 42% stake. MillerCoors combined their operations within the United States with the headquarters in Chicago.[8]

European acquisitions

On 2 February 2011, the company purchased Sharp's Brewery of Cornwall in England for £20 million.[9]

In early 2012 the company expanded into the Central and Eastern Europe markets by acquiring the region's market-leading brewery StarBev from CVC Capital Partners.[10]

Miller acquisition

In September 2015 Anheuser-Busch Inbev announced that it had reached agreement to acquire competitor SABMiller for $107 billion. During the merger discussions between the two companies in 2015, the U.S. Department of Justice (DOJ) had agreed to proposed deal only on the basis that SABMiller "spins off all its MillerCoors holdings in the U.S. — which include both Miller- and Coors-held brands — along with its Miller brands outside the U.S."[11]

SABMiller agreed to divest itself of the Miller brands by selling its stake in MillerCoors to Molson Coors. The merger between Anheuser-Busch Inbev and SABMiller closed on October 10, 2016. The spinoff deal was completed on October 11, 2016.[12] As per the agreement with the regulators, SABMiller sold to Molson Coors full ownership of the Miller Brewing Company brand portfolio.[13] Miller Brewing Company was started in 1855 by settler Frederick Miller who had been studying the making of beer for years; he first owned Plank Road Brewery before opening the first Miller Company in Milwaukee, Wisconsin.

After SABMiller divested itself of all interests in MillerCoors, then Molson Coors became the largest brewer in the U.S.[14]

2020 rebranding and restructuring

On 30 October 2019, the company announced it would change its name to Molson Coors Beverage Company as a part of a restructuring to take place in 2020.[15] The name change would reflect the companies growing focus on beverages outside of the traditional beer and brewing offerings. Additionally, the company would retire the MillerCoors corporate brand name and reorganize its global business units into Molson Coors North America, headquartered in Chicago, and Molson Coors Europe, headquartered in Prague.[16][17]

2020 Milwaukee campus shooting

On February 26, 2020, six people, including the shooter, were killed at a shooting near the company's Milwaukee brewing campus.[18][19] The Milwaukee complex serves as a site for some of Molson Coors' corporate offices and brewing facilities and was in the "Miller Valley" area, which served as the headquarters for the Miller Brewing Company before it was acquired by Molson Coors.[20]

Joint venture with Yuengling

On Molson Coors and D. G. Yuengling & Son announced a joint venture to oversee the expansion of Yuengling beer into states beyond its existing footprint. Under the terms of the deal, Yuengling beers will be brewed and packaged in select Molson Coors’ breweries under Yuengling brewers’ supervision, and distributed into new markets.[21]

Operations

The company brews, markets and sales the Molson Coors portfolio of brands. Molson Coors operates breweries across the world, including the Coors Brewery in Golden, Colorado, Creemore Springs Brewery in Creemore, Ontario, Granville Island Brewery in Vancouver, British Columbia, Leinenkugel Brewery in Chippewa Falls, Wisconsin, Miller Brewery in Milwaukee, Wisconsin, Pardubice Brewery in Pardubice, Czech Republic, Staropramen Brewery in Prague, Czech Republic, and the Blue Moon Brewing Company in Denver, Colorado.

Corporate structure

Molson Coors operates through its business units Molson Coors North America and Molson Coors Europe.

Management team

As of December, 2019, the management consisted of the following:

  • Gavin Hattersley, President/Chief Executive Officer
  • Adam Collins, Chief Communication and Corporate Affairs
  • Simon Cox, President and CEO of Molson Coors Europe
  • Kevin Doyle, President of U.S. Sales and Distributor Operations
  • Brian Erhardt, Chief Supply Chain Officer
  • Rahul Goyal, Chief Strategy Officer
  • Tracey Joubert, Chief Financial Officer
  • Fred Landtmeters, President, Molson Coors Canada
  • Pete Marino, President of Emerging Growth
  • Dave Osswald, Chief People and Diversity Officer
  • Lee Reichert, Chief Legal and Government Affairs Officer
  • Michelle St. Jacques, Chief Marketing Officer
  • Robert McCann, VP Business Process & Systems Integration

Brands

Molson Coors brand portfolio includes highly popular beer and beverage brands. Notable brands include Blue Moon, Carling, Coors Banquet, Coors Light, George Killian's Irish Red, Granville Island Brewing, Hamm's, Hop Valley, Leinenkugel's, Miller High Life, Miller Lite, Milwaukee's Best, Molson Canadian, Molson Export, Pilsner Urquell, Steel Reserve, and Terrapin.

Environmental record

Molson Coors conducted a comprehensive, and voluntary investigation of its pollution and environmental emissions. Coors was not violating the Clean Air Act but was encouraged by the Environmental Audit Privilege and Voluntary Disclosure Act which immunizes and credits organizations for conducting environmental self-audits, which can grant immunity from environmental regulation fines.[22]

The United States government had thought that Coors was a minor violator of emissions such as volatile organic compounds (VOCs), but the investigating showed otherwise, revealing that Coors was 17 times over the estimated value of emissions. Molson Coors then provided the audit results to the Colorado Department of Health which culminated in a $1.05 million fine for the 189 violations of state pollution laws.[23]

Although Molson Coors said they did not know about the volatile organic compounds they were emitting, they do claim to be environmentally aware. Coors invented a new printing technology technique which uses ultra-violet light to cure the print, a technique which the company claims is more environmentally sound than the traditional gas firing technique.[24]

In an in-depth analysis of the climate change "countermovement," the Coors Affiliated Foundation was listed among the top donors, having funded roughly 1% (US$6.2 million) of all climate denial research conducted between 2003–2010.[25]

References

  1. ^ a b c d e f "Molson Coors Brewing Company Annual Report (10-K)" (PDF).
  2. ^ "Molson announces $6B US merger deal with Coors". CBC. July 22, 2004. Retrieved October 10, 2020.
  3. ^ Brown, Lisa (October 11, 2016). "A-B InBev finalizes $100B billion acquisition of SABMiller, creating world's largest beer company". Chicago Tribune. Chicago. Retrieved January 29, 2017.
  4. ^ "Molson Coors Completes Acquisition of Full Ownership of MillerCoors and Global Miller Brand Portfolio". Molson Coors. October 11, 2016. Archived from the original on February 2, 2017. Retrieved January 29, 2017. Becomes World's Third Largest Brewer by Enterprise Value and Strengthens Position in Highly Attractive U.S. Beer Market
  5. ^ "Our Story". Miller Coors. Molson Coors division, Molson Coors. 2017. Retrieved January 31, 2017.
  6. ^ "Molson announces $6B US merger deal with Coors". CBC. July 22, 2004. Retrieved October 10, 2020.
  7. ^ "cbc.ca". cbc.ca. 2005-04-22. Retrieved 2012-03-28.
  8. ^ "Business, financial, personal finance news". CNN. Archived from the original on 2007-11-03.
  9. ^ "Beer giant pays £20m for Sharp's". BBC News. 2011-02-02. Retrieved 2020-03-16.
  10. ^ "StarBev Sale Brings Cheer To CVC". InvestIQ. 9 April 2012. Archived from the original on 26 August 2012.
  11. ^ Nurin, Tara (July 20, 2016). "DOJ Approves Largest Beer Merger In Global History, With Significant Conditions". Forbes. Forbes. Retrieved January 29, 2017.
  12. ^ Brown, Lisa (October 11, 2016). "A-B InBev finalizes $100B billion acquisition of SABMiller, creating world's largest beer company". Chicago Tribune. Chicago. Retrieved January 29, 2017.
  13. ^ Wright, Lisa (November 11, 2015). "Molson Coors doubles with $12B Miller buyout". Toronto Star. Toronto. Retrieved January 29, 2017.
  14. ^ Dill, Molly (10 October 2016). "Anheuser-Busch to complete acquisition of SABMiller today". Milwaukee Business News. Retrieved 31 January 2017.
  15. ^ "Molson Coors CEO Hattersley: Revitalization plan 'will put us on the path to growth'". Molson Coors Blog. October 30, 2019. Retrieved October 10, 2020.
  16. ^ Business, Paul R. La Monica, CNN. "Molson Coors changes its name and will cut up to 500 jobs". CNN. Retrieved 2019-10-31.
  17. ^ Naczek, Margaret (October 30, 2019). "Molson Coors Dropping Miller Name as It Rebrands the Company". Milwaukee Business Journal. Retrieved February 2, 2020.
  18. ^ TMJ4 Staff (February 26, 2020). "Multiple fatalities confirmed in attack near Milwaukee Molson Coors campus". WTMJ-TV. Milwaukee: E. W. Scripps Company. Archived from the original on February 26, 2020. Retrieved February 26, 2020.
  19. ^ Antlfinger, Carrie; Ehlke, Gretchen (February 26, 2020). "5 killed in mass shooting at Molson Coors campus in Milwaukee before gunman takes his own life". Chicago Tribune. Chicago: Tribune Publishing. Associated Press. Archived from the original on February 27, 2020. Retrieved February 27, 2020.
  20. ^ Associated Press (February 26, 2020). "Police: Gunman killed 5 at Milwaukee brewery complex". WJXT. Jacksonville, Florida: Graham Media Group. Archived from the original on February 27, 2020. Retrieved February 26, 2020.
  21. ^ "Yuengling, Molson Coors form joint venture to expand geographic footprint of Yuengling's beers". Molson Coors Blog. September 15, 2020. Retrieved October 10, 2020.
  22. ^ Carlisle, John K. "Norton's record bodes well for innovative new approach to environmental protection at Interior" on Enter Stage Right (April 30, 2008)
  23. ^ Reason.org Archived 2008-05-21 at the Wayback Machine Environmental Enforcement: In Search of Both Effectiveness and Fairness by Alexander Volokh and Roger Marzulla August 1996 retrieved 30 April 2008
  24. ^ Hunter, Carl. "Technology infiltrates the beverage industry" The Winonan (April 9, 2008) retrieved 30 April 2008
  25. ^ Burlle, Robert J. (2014). "Institutionalizing delay: foundation funding and the creation of U.S. climate change counter-movement organizations". Climatic Change. 122 (4): 681–694. Bibcode:2014ClCh..122..681B. doi:10.1007/s10584-013-1018-7. S2CID 27538787.

External links

This page was last edited on 22 October 2020, at 21:39
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