Molson Coors Completes Sale of Irwindale Brewery
November 05 2020 - 9:00AM
Business Wire
Molson Coors Beverage Company (“Molson Coors”) (NYSE: TAP; TSX:
TPX) and Pabst Brewing Company, LLC (“Pabst”) today announced that
they have completed the sale of Molson Coors’s Irwindale, Calif.,
brewery property to Irwindale Brew Yard (IBY LLC), a subsidiary of
Pabst.
In January 2020, Molson Coors announced that it would cease
production at the 40-year-old facility by September of 2020. Pabst
had the option to purchase the brewery for $150 million per a
previously negotiated settlement agreement.
Adam Sher, Irwindale Brew Yard President said: “We are pleased
to complete the acquisition of the Irwindale Brewery property. We
are continuing to conduct our feasibility study to determine
whether there is a path to reopen and operate the brewery at a
later date and are committed to choosing a path forward that is in
the best interest of all our stakeholders.”
“The sale of the Irwindale facility allows us to streamline our
operations for greater efficiency across our network and further
strengthen our liquidity,” said Molson Coors Chief Financial
Officer, Tracey Joubert. Molson Coors has already transitioned the
production from Irwindale to its breweries in Golden, Colo., and
Fort Worth, Texas.
About Molson Coors
For over two centuries Molson Coors has been brewing beverages
that unite people for all of life’s moments. From Coors Light,
Miller Lite, Molson Canadian, Carling, and Staropramen to Coors
Banquet, Blue Moon Belgian White, Blue Moon LightSky, Vizzy,
Leinenkugel’s Summer Shandy, Creemore Springs and more, Molson
Coors produces some of the most beloved and iconic beer brands ever
made. While the company’s history is rooted in beer, Molson Coors
offers a modern portfolio that expands beyond the beer aisle as
well.
The company’s commitment to raising industry standards and
leaving a positive imprint on our employees, consumers, communities
and the environment is reflected in Our Imprint and our 2025
sustainability targets. To learn more about Molson Coors Beverage
Company, visit molsoncoors.com, MolsonCoorsOurImprint.com or on
Twitter through @MolsonCoors.
About Pabst Brewing
Founded in 1844, Pabst is one of North America’s largest
privately held brewing companies. Pabst’s portfolio includes iconic
brands with deep ties to America’s heritage, such as its flagship
Pabst Blue Ribbon and others such as Lone Star, Rainier, Old Style,
Stag, Stroh’s, and Old Milwaukee. Pabst embraces change and is
continuously innovating to find new and interesting ways to connect
with consumers both within and outside the beer category. Our
company, our people, and our brands are committed to making a
positive impact on communities across the country. For more
information about Pabst, please visit www.pabst.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20201105005421/en/
Molson Coors contact: Marty Maloney
Martin.maloney@molsoncoors.com
Pabst Brewing contact: Meghan Gavigan or Dan Goldstein
pbc-svc@sardverb.com
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