News From the Industry (continued)
< back to newsSABMiller Plc and Molson Coors Announce Launch of MillerCoors
Dynamic, Brand-Led Brewer Has Increased Scale, Strong Resources and Enhanced Distribution Platform
June 30, 2008 (London and Denver)
SABMiller plc (SAB.L) and Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) today announced the closing of the transaction to combine their U.S. and Puerto Rico operations to create MillerCoors.
MillerCoors, which will begin operating as a combined entity on July 1, 2008, will be a dynamic, brand-led U.S. brewer with the scale, resources and distribution platform to succeed in the highly competitive marketplace.
"As a unified company with a world-class board and leadership team in place, MillerCoors will be able to create tremendous opportunities for innovations in products and services that will allow us to drive profitable growth," said Pete Coors, Chairman of MillerCoors. "Personally, I am thrilled to be part of such an exciting and innovative organization and look forward to serving as the Chairman of this new business."
Graham Mackay, Chief Executive of SABMiller, said, "Today is an historic day in the American beer business, not only for the shareholders of both SABMiller and Molson Coors, but for MillerCoors consumers, employees, distributors and business partners. Now that the transaction has closed and MillerCoors is a reality, the strong leadership team we have put in place is ready to execute and realize the tremendous potential of this great organization."
Leo Kiely, Chief Executive of MillerCoors, said, "MillerCoors will be entrepreneurial, with the ability to operate with speed and agility in the marketplace, backed by the powerful combined resources of two exceptionally successful companies. We will drive profitable growth and bring new energy to the U.S. beer industry. Our focus now is to deliver on the $500 million in identified annualized cost synergies by improving sourcing across our eight major breweries, building a streamlined organization and leveraging the scale of the new company. Our talented people are experienced and passionate about this business and — importantly — are determined to win."
Overview of SABMiller
SABMiller plc is one of the world's largest brewers with brewing interests or distribution agreements in over 60 countries across six continents. The group's brands include premium international beers such as Miller Genuine Draft, Peroni Nastro Azzurro, Grolsch and Pilsner Urquell, as well as an exceptional range of market leading local brands. Outside the USA, SABMiller plc is also one of the largest bottlers of Coca-Cola products in the world. In the year ended March 31, 2008, the group reported $3,560 million operating profit before exceptional items and revenue of $21,410 million. SABMiller plc is listed on the London and Johannesburg stock exchanges. For more information on SABMiller plc, visit the company's website: www.sabmiller.com.
Overview of Molson Coors
Molson Coors Brewing Company is one of the world's largest brewers. It brews, markets and sells a portfolio of leading premium quality brands such as Coors Light, Molson Canadian, Molson Dry, Carling, Coors, and Keystone Light in North America, Europe and Asia. For more information on Molson Coors Brewing Company, visit the company's Web site, www.molsoncoors.com.
