Coors, Miller Brewing Companies Merge in Strategic Partnership
The Number Two and Three Brewers in America to Team Up on Anheuser Busch
Today, SABMiller Brewing and Molson Coors announced a merger of their domestic operations, according to Adweek.com.
The two companies will have a combined revenue of about $6.6 billion and combined beer sales of 69 million barrels in the US.
Both parent companies will have a 50% voting interest in the venture, with SAB Miller holding a 58% stake, while Molson Coors will hold 42%.
"This transaction is driven by the profound changes in the US alcohol beverage industry that are confronting both of our companies with new challenges," said Pete Coors, vice-chairman of Molson Coors, who will serve as chairman of MillerCoors. "Consumers are broadening their tastes and are increasingly looking for greater choice and differentiation; wine and spirits companies are encroaching on traditional beer occasions, and global beer importers and craft brewers are both taking a larger share of volume and growth." COMPLETE STATEMENT
SABMiller CEO Graham Mackay will serve as vice chairman. Molson Coors CEO Leo Kiely will be CEO of MillerCoors, and Miller Brewing CEO Tom Long will be president and chief commercial officer.
The deal is still subject to a final agreement and approval from US regulatory authorities and Molson Coors Class A shareholders.
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Pete Coors has generally run his company well. I think this is a good move. It will certainly be interesting to see how it pans out.