Molson Coors Brewing Company Changes Name And Move To Milwaukee

Molson Coors is struggling as younger drinkers continue to shun mass-produced beer for trendy beverages like White Claw and other “spiked seltzers.” On Wednesday the company announced Wednesday that it’s laying off workers and subtly changing its name.

Molson Coors Brewing Co. will close its Denver office as it restructures and changes its name to Molson Coors Beverage Company, and says it will invest hundreds of millions in its Golden brewery, the company said Wednesday as it announced a $402.8 million third-quarter loss.

Molson Coors says it needs to streamline and bring new products to market more quickly, like the canned wine and hard coffee it introduced this year.

The company will change its name in January 2020 and will close the Denver office. The company’s Chicago office will become its North American headquarters and Milwaukee will house support employees that had been spread out across North America.

The company’s beer brands include Miller, Molson, Coors, and Foster’s. It also makes Henry’s Hard Soda. Molson Coors’ sales fell 3% to $8.1 billion in the first nine months of the year. The company’s shares slipped 2% to $53.59 in morning trading.

The company said it would close its Denver office, make Chicago the North American operational headquarters, and cut about 400 to 500 jobs primarily in the U.S., Canada, international reporting segments as well as corporate.

Sales and profit were both down from a year ago and missed Wall Street’s forecasts. The company also announced a restructuring that will lead to between 400 and 500 job cuts. According to the company’s latest annual report, Molson Coors had about 17,750 employees worldwide, 7,300 of them located in the US.

“For nearly 150 years we have brewed great beers in Colorado, and we will continue to brew great beers in Colorado for hundreds of years to come,” Molson Coors CEO Gavin Hattersley said in a statement. “This investment will modernize the brewery to allow for more flexibility, enable us to move with pace and deliver new products to meet changing consumer preferences.”

Hattersley succeeded Mark Hunter, who retired after four years as president and CEO. He'd joined Molson Coors in 2002.