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US/CANADA: Molson Coors prepares US$250m saving plan

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Molson Coors is looking to make savings of around US$250m over the next three years.

A spokesperson for the North American brewer confirmed the figure, unveiled at its annual investor day earlier this week, when contacted by just-drinks today (7 March). "Molson's primary objective is to build its brands," the spokesperson said. "To finance that, you need to look at saving money in your organisation."

The spokesperson identified three separate areas in which Molson Coors is looking to make the savings. Firstly, in the global supply chain, the brewer hopes to save up to $175m. "We need to look at doing things globally rather than locally," the spokesperson said. "That would range from standardising our packaging to identifying and introducing best practices."

Secondly, the company plans to save around $48m in 'general and administrative'. Earlier this year, up to 100 jobs were eliminated in Canada as part of this project, making a saving of $11m. Finally, the spokesperson highlighted what he called "the concept stage".

"We're looking at saving around $27m in this area. There are some big ideas that we've got to think through. We're throwing ideas around, but nothing has been vetted yet." When asked to elaborate, the spokesperson added: "These will become clear over the next two years."

The spokesperson moved to distance the savings plans from talk of cutting staff numbers. "A lot of this isn't about job losses," he said. "It's more about doing things better."

Last month, the North American brewer saw Q4 earnings leap to $99.2m, compared to $22.4m a year earlier. Sales for the quarter, which benefited from an extra selling week, rose by 10.6% year-on-year to $1.53bn.


Sectors: Beer & cider

Companies: Molson Coors

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