Molson Coors Beverage Company

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Molson Coors Beverage Company
Public
Traded as
ISINUS60871R2094 Edit this on Wikidata
IndustryBeverages
FoundedMolson (1786), Coors (1873), merged (2005)
HeadquartersChicago, Illinois, USA
Key people
Pete Coors, (Chairman)
Geoff Molson, (Vice chairman)
Gavin Hattersley, (President and CEO)
ProductsBeers, lagers, malt beverages, energy drinks, spirits and wines
RevenueDecreaseUS$4.8 billion (2016)[1]
DecreaseUS$521.8 million (2015)[1]
DecreaseUS$359.5 million (2015)[1]
Total assetsDecreaseUS$12.2 billion (2015)[1]
Total equityDecreaseUS$7.0 billion (2015)[1]
Number of employees
17,200 (2017)[2]
SubsidiariesMolson Brewery
Coors Brewing Company
Miller Brewing Company
The Beer Store (49%)
WebsiteMolsonCoors.com

The Molson Coors Beverage Company is a multinational brewing company, formed in 2005 by the merger of Molson of Canada, and Coors of the United States. It is the world's seventh largest brewer by volume.[3]

While the company is incorporated in the United States,[4] it is traded on stock exchanges in both the United States and Canada,[5] and control is equally shared between the Molson and Coors families.[6] The company is headquartered at 1801 California Street, a 1,372,179-square-foot (127,479.6 m2), 53-story building formerly known as the Transamerica Tower in Denver. It occupies 67,000-square-foot (6,200 m2) of space located on the 45th, 46th and part of the 47th floors of the structure.[7][8]

Molson Coors expanded significantly after the merger of Anheuser-Busch InBev and SABMiller in October 2016. This was achieved because during the plans for the merger, SABMiller had agreed to divest itself of the Miller brands by selling its stake in MillerCoors to Molson Coors.[9]

History[edit]

On 9 October 2007, SABMiller and Molson Coors Brewing Company announced a joint venture to be known as MillerCoors for their U.S. operations that will wholesale all of their products.[10] MillerCoors is headquartered in Chicago.

On 2 February 2011, the company purchased Sharp's Brewery of Cornwall in England for £20 million.[11]

On 26 May 2011, seventh-generation family member Andrew Molson succeeded Pete Coors as acting Chairman of the company.[12]

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.[13]

In September 2014, it was revealed in the media that the firm was in talks to acquire Heineken’s operations in the Czech Republic.[14]

The company launched two e-commerce platforms for Blue Moon and Coors Light in 2019. The brand pages were the company's first purchased-enabled platforms.[15]

On 30 October 2019, the company changed its name slightly to the Molson Coors Beverage Company and announced that the company's headquarters will move to Chicago.[16]

Molson Coors 2016 expansion[edit]

During the merger discussions between Anheuser-Busch InBev and SABMiller 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." The entire ownership situation was complicated: "In the United States, Coors is majority owned by MillerCoors (a subsidiary of SABMiller) and minority owned by Molson Coors, though internationally it's entirely owned by Molson Coors, and Miller is owned by SABMiller."[17]

SABMiller agreed to divest itself of the Miller brands by selling its stake in MillerCoors to Molson Coors. The merger between the two companies closed on October 10, 2016. The spinoff deal was completed on October 11, 2016.[9] As per the agreement with the regulators, SABMiller sold to Molson Coors full ownership of the Miller brand portfolio outside of the U.S. and Puerto Rico for US$12 billion. Molson Coors also retained "the rights to all of the brands currently in the MillerCoors portfolio for the U.S. and Puerto Rico, including Redd’s and import brands such as Peroni, Grolsch and Pilsner Urquell." The agreement made Molson Coors the world's third largest brewer.[18]

In Canada, Molson Coors regained the right to make and market Miller Genuine Draft and Miller Lite.[19]

After SABMiller divested itself of all interests in MillerCoors, then Molson Coors became the largest brewer in the U.S.[20]

2020 Milwaukee campus shooting[edit]

On February 26, 2020, six people, including the shooter, were killed at a shooting near the company's Milwaukee brewing campus.[21][22] The Milwaukee complex serves as a site for 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.[23]

Corporate structure[edit]

Molson Coors has a number of divisions and subdivisions.

The Molson Coors Canada division entered the craft beer market with the acquisitions of Creemore Springs Brewery and Granville Island Brewing, to create the Six Pints Specialty Beer Company, a subdivision that first was an umbrella for those brands and aiming to include other Molson-owned and affiliated brands.[24]

From October 11, 2016, through December 31, 2019, MillerCoors was the US business division of Molson Coors.[25]

Currently, Molson Coors operates through Molson Coors North America (formerly MillerCoors) and Molson Coors Europe.

Management team[edit]

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
  • 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

Environmental record[edit]

The Molson Coors Brewing Company 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.[26]

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.[27]

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.[28]

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.[29]

References[edit]

  1. ^ a b c d e "TAP Income Statement - Molson Coors Brewing Company Cl Stock". Yahoo! Finance.
  2. ^ "Molson Coors Brewing". Fortune. Retrieved 2018-11-25.
  3. ^ Turner, Robin (7 June 2012). "Welsh brewer Peter Swinburn leads Molson Coors' 'risky' $US3.5bn acquisition". Western Mail. Wales.
  4. ^ "MolsonCoors 2008 SEC 1O-K filing". Securities and Exchange Commission. 13 February 2009. Retrieved 4 June 2019.
  5. ^ The company that trades on the Toronto Stock Exchange, Molson Coors Canada Inc., entitles its shareholders economic and voting interests of the US-incorporated Molson Coors Brewing Company equivalent to MCBC shareholders on the New York Stock Exchange. MolsonCoors 2008 SEC 1O-K filing
  6. ^ "Ownership Structure". Molson Coors. Archived from the original on 2009-03-09.
  7. ^ Armbrister, Molly (18 December 2014). "Molson Coors relocating headquarters to 1801 California in downtown Denver". Denver Business Journal. Retrieved 4 June 2019.
  8. ^ "Molson Coors North American Headquarters". Office Snapshots. Retrieved 4 June 2019.
  9. ^ a b Brown, Lisa (October 11, 2016). "A-B InBev finalizes $100B billion acquisition of SABMiller, creating world's largest beer company". Chicago Tribune. Retrieved 29 January 2017.
  10. ^ "Business, financial, personal finance news". CNN. Archived from the original on 2007-11-03.
  11. ^ "Beer giant pays £20m for Sharp's". BBC News. 2011-02-02. Retrieved 2020-03-16.
  12. ^ Pankratz, Howard (26 May 2011). "Andrew Molson succeeds Peter H. Coors as Molson Coors chairman". The Denver Post.
  13. ^ "StarBev Sale Brings Cheer To CVC". InvestIQ. 9 April 2012. Archived from the original on 26 August 2012.
  14. ^ Heineken in talks to sell Czech operations to Molson Coors. Reuters, 9 September 2014
  15. ^ Bhattacharyya, Suman (1 April 2019). "Even Molson Coors is hatching a direct-to-consumer strategy". Digiday. Retrieved 2019-04-12.
  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. ^ Nurin, Tara (July 20, 2016). "DOJ Approves Largest Beer Merger In Global History, With Significant Conditions". Forbes. Retrieved January 29, 2017.
  18. ^ "Molson Coors Completes Acquisition of Full Ownership of MillerCoors and Global Miller Brand Portfolio" (Press release). 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
  19. ^ Wright, Lisa (November 11, 2015). "Molson Coors doubles with $12B Miller buyout". Toronto Star. Retrieved January 29, 2017.
  20. ^ Dill, Molly (10 October 2016). "Anheuser-Busch to complete acquisition of SABMiller today". Milwaukee Business News. Retrieved 31 January 2017.
  21. ^ 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.
  22. ^ 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.
  23. ^ 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 26, 2020. Retrieved February 26, 2020.
  24. ^ "Molson Launches Six Pints Specialty Beer Company". Canadian Beer News. 31 May 2011. Retrieved 4 June 2019.
  25. ^ Brown, Lisa (October 11, 2016). "A-B InBev finalizes $100B billion acquisition of SABMiller, creating world's largest beer company". Chicago Tribune. Retrieved January 29, 2017.
  26. ^ Carlisle, John K. "Norton's record bodes well for innovative new approach to environmental protection at Interior" on Enter Stage Right (April 30, 2008)
  27. ^ 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
  28. ^ Hunter, Carl. "Technology infiltrates the beverage industry" The Winonan (April 9, 2008) retrieved 30 April 2008
  29. ^ 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.

External links[edit]