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Molson Coors Beverage Co furloughs North America, Europe staff

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Molson Coors Beverage Co has furloughed some of its employees as the economic impact of the coronavirus reaches global brewers.

Molson Coors said it needs to maintain liquidity during the coronavirus pandemic

Molson Coors said it needs to maintain liquidity during the coronavirus pandemic

The Coors Light and Miller Lite owner said in a filing on Friday that it has taken a number of steps in recent weeks to protect the company from uncertainty caused by the COVID-19 pandemic. The moves include furloughing an unspecified number of staff in Europe and North America as well as cutting back 2020 investment and other capital expenditures by US$200m.

The funding for a "revitalisation" plan announced last year that aimed to boost sales through a focus outside of Molson Coors' key beer brands will now go towards maintaining liquidity, the company said.

The announcement was initially made in Molson Coors' quarterly results at the end of April. Today's filing repeated the announcement and informed investors the company has suspended quarterly dividends for fiscal 2020.

Molson Coors is the first of the four biggest international beer companies, which also include Anheuser-Busch InBev, Heineken and Carlsberg, to officially announce a furloughing of staff. In April, Heineken pledged to retain all of its employees until at least the end of this year.

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