Molson Coors Cuts 500 Jobs to ‘Invest in Brands’
Molson Coors announced today that they will trim down and restructure in an effort to “get back on the right track,” said Molson Coors president and CEO Gavin Hattersley said in a press statement.
The company will also change its name in January to the Molson Coors Beverage Company. The name change synchs with the stated desire to diversify beyond traditional beer, with likely forays into seltzers, hard coffees and cannabis drinks. The company also made a refence to investing further in super premium, which may indicate an interest in additional investments in the craft category.
The layoffs and restructuring will save $150 million. In addition to investing further into brands, the company also said it would invest several hundred million dollars to modernize its production brewery in Golden, Colorado.
