Molson Coors Looks “Beyond Beer” With New Turnaround PlanOctober 31, 2019
Molson Coors president and CEO Gavin Hattersley has unveiled a new “revitalization plan” aimed at improving performance at the company, which posted net sales down 2% to $2.8 billion and EBITDA down 5.6% to $703 million for its third quarter ended in September.
Among Hattersley’s key objectives is to pursue growth in above-premium labels while diversifying into new product categories—such as recently launched Movo canned wine spritzers and La Colombe Hard Cold Brew Coffee—and evaluating potential bolt-on acquisitions. In line with that move, the company will now be known as Molson Coors Beverage Co., reflecting its widening scope.
Meanwhile, Molson Coors plans to invest several hundred million dollars to modernize its Golden, Colorado brewery, and simplify its corporate structure by consolidating down to two operating regions—North America and Europe—with its North America headquarters based in Chicago. The restructure will see Molson Coors shed 400-500 employees, close its Denver office, and retire the MillerCoors corporate moniker in the U.S.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
Tagged : Molson Coors