Molson Coors has acquired financially troubled London craft brewery Hop Stuff. In a blog post, Hop Stuff founder James Yeomans said the company had been facing “financial difficulties in the recent months” that forced it to enter “administration,” a process similar to bankruptcy in the U.S., on July 12.
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Worldwide sales of Molson Coors offerings in the first quarter declined 1.2 percent, to $2.3 billion, the company reported today. Molson Coors reported a 4.7 percent decline in worldwide brand volumes, to 18.2 million hectoliters. Nevertheless, the company’s net sales per hectoliter increased 2.3 percent through March 31.
In this week’s edition of Last Call: Actual Brewing files for bankruptcy; beer sales grow in January; Northern Eagle Beverage acquires New Jersey A-B wholesaler; class-action lawsuit filed against Molson Coors; and more industry news.
Citing negative volume trends in the U.S. and Canada, Molson Coors reported a 2.1 percent decline in net sales in 2018, according to yesterday’s full-year earnings report. In 2018, Molson Coors posted nearly $10.8 billion in net sales, down from more than $11 billion in 2017.
Industry headwinds, brewery acquisitions, the emerging cannabis sector, and the seemingly never ending battle between big and small beer makers were the focus of Brewbound’s most-read stories of 2018.
William “Bill” Coors, the former chairman of the Adolph Coors Company, died Saturday at the age of 102. Coors, the grandson of Adolph Coors and heir to the family brewing business, died at his home, according to a statement released by Molson Coors. “Our company stands on the shoulders of giants like Bill Coors,” Molson Coors president and CEO Mark Hunter said in statement.
MillerCoors will eliminate 350 salaried positions across the organization by the end of October, the company announced today in a memo. In the letter, CEO Gavin Hattersley characterized the job cuts as MillerCoors “moving quickly and decisively to get our business back on track.” Molson Coors’ U.S. business is offering a voluntary severance program to existing employees as well as eliminating 150 unfilled positions.
In this week’s edition of Last Call: Boston Beer founder Jim Koch dines with President Trump; Buffalo Wild Wings considers sports betting; Interior Secretary Ryan Zinke’s ties to a Montana brewery project come under scrutiny; a federal appeals court rejects a challenge to the MegaBrew merger; and more news.
MillerCoors continues to battle a pair of high-profile lawsuits — including a trademark infringement case brought by Stone Brewing and another case from a Las Vegas beer wholesaler. Earlier this week, MillerCoors, the U.S. beer division of Molson Coors, responded to Stone Brewing’s motion for a preliminary injunction to prevent the sale of Keystone products in which the word “Stone” had been isolated.
Molson Coors Brewing Company today reported its second-quarter earnings, however the financial results took a backseat to news that its Canadian business division had formed a joint venture with a Quebec cannabis company. The JV between Molson Coors Canada and HEXO, a recreational cannabis “sister brand” to The Hydropothecary, a licensed producer and distributor of medical cannabis, will be structured as “a standalone start-up company” led by its own board and management team.
A month after a bipartisan group of Congressional members called on the Department of Justice (DOJ) to investigate potential irregularities in the aluminum market, Platts, the group responsible for helping set the price of the metal purchased by thousands of U.S. beer companies, has vowed to offer greater transparency into current price assessments. Platts, which is owned by Standard & Poor’s and bills itself as “the leading independent provider of information and benchmark prices for the commodities and energy markets,” last week announced that it would begin publishing alternative pricing for non-tariffed aluminum and domestically available scrap, starting August 1.
Molson Coors Brewing Co. chairman Pete Coors is grabbing headlines for the second consecutive week. Last Monday, Coors issued an “open letter” to the Brewers Association, chastising the trade group’s leaders over negative comments made about “big beer” during the annual Craft Brewers Conference. Now, Coors has scored himself an op-ed in the Wall Street Journal, and he’s turned his focus toward President Donald Trump and a recently imposed 10 percent tariff on imported aluminum.
Despite continued negative domestic volume trends for its flagship light lager brands, Molson Coors’ worldwide sales increased 0.2 percent to more than $11 billion in 2017, according to company earnings released today.
In this week’s edition of Last Call: Lyft collaborates on a Chicago beer release; Molson Coors acquires a U.K. cider maker; Modern Times begins production in Oregon; Crazy Mountain vacates its Edwards taproom; and more news.
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Year Round Beers
|Rum Cask||Scottish Ale|
|Molson Canadian Light||Lager|
|No records to display.|
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