US: Molson Coors set to sell Memphis site - report
Molson Coors is in talks to sell its brewery in Memphis to Wisconsin-based City Brewery, according to local press reports.
The world's fifth-largest brewer last year announced plans to close the site as part of a series of cost cuts after the merger of Canada's Molson and US brewer Coors.
The reports claimed that City Brewery was doing due diligence on the Memphis plant but planned to iron out a number of issues, including a labour agreement with local unions, before completing the acquisition.
Industry analysts Stifel Nicolaus said yesterday (23 March) in a research note that it viewed any sale as being "slightly positive" on Molson Coors' profits and its targets to pay off around US$2.4bn in debt.
City Brewery produces under licence a stable of energy drinks, including the Hansen-owned Monster, as well as Diageo's flagship RTD Smirnoff Ice.
Molson Coors officials could not be reached for comment as just-drinks went to press.
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