Molsen Coors announced a massive company restructuring today, which will essentially end the MillerCoors brand. The U.S. based business will be combined with their Latin America and Canadian entities.
MillerCoors as you’ve come to know it is no more. Somewhere between 400 and 500 salaried jobs will be cut.
Molsen Coors CEO Gavin Hattersley said in an announcement on Wednesday a massive restructuring plan. Molson Coors Brewing Co. will now be known as Molson Coors Beverage Co., as the brewer expands beyond beer into more beverages.
The MillerCoors office in Denver, Colorado, making Chicago the North American headquarters. The rest of the support functions, including finance, information technology, procurement, supply chain, legal and human resources, will be consolidated in Milwaukee.
Light beer decline? In 2018, sales of Miller Lite dropped 1.3% and Coors Light declined 3.9%. Some reports put the blame on the rise of craft brewing, while mainstream media is has started to blame big beer decline on Millenials.
Financial reinvestment. Molson Coors states that the savings from the company restructuring will be funneled into investments behind its brands, expansions into the beyond beer space, and digital capabilities, although the company didn’t state what those are.
Pete Coors will retire as the company’s chief customer relations officer at the end of the year, assuming the role of vice-chairman of the Molson Coors board and company ambassador.
According to MillerCoors “Behind the Beer” company blog, CEO Hattersley closed the announcement by saying “We cannot and will not wait. We will move faster and free up resources. We will invest in our brands and in our capabilities. We will regain the glory of our past, and we will create a brighter future for the Molson Coors Beverage Company.