Molson Coors Appoints Rahul Goyal as New CEO
Molson Coors has appointed an insider as its new CEO, signaling a leadership change within the company.
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"Teamsters Launch Strikes Against Anheuser-Busch and Molson Coors Breweries"
The Teamsters union has initiated a strike at Molson Coors' Texas brewery and is threatening to do the same at all of Anheuser-Busch InBev's U.S. breweries if a new deal for workers is not reached by the end of the month. The union is seeking pay raises to reflect inflation, elimination of two-tiered health care and retirement benefits, and job security. Molson Coors claims to have strong contingency plans to ensure product availability, while Anheuser-Busch is prepared to operate its breweries and keep beer stocked in the event of a work stoppage. The Teamsters are prepared for a full-scale strike and nationwide boycott if their contract demands are not met.
"Miller Lite Introduces Beer-Flavored Mints for Dry January"
Miller Lite is embracing Dry January by launching beer-flavored breath mints called Beer Mints, priced at $5 per tin and available for purchase online in two tranches. The mints promise a fresh mint taste followed by a subtle Miller Lite flavor, targeting those participating in Dry January who may miss the taste of beer while socializing. Owned by Molson Coors, Miller Lite's parent company reported growth in net sales revenue for the third consecutive year, alongside other brands like Coors Light, Blue Moon, and Topo Chico Hard Seltzer.
Moody's Upgrades Molson Coors, Citing Strong Financials and Shareholder Rewards
Moody's has upgraded Molson Coors' credit rating and revised the outlook to positive, citing consistent debt repayment, conservative leverage targets, and strong revenue and cash flow growth. The company plans to implement a $2 billion share buyback program and resume dividend growth, while also aiming to reduce debt. Moody's believes Molson Coors will generate enough cash flow to support shareholder distributions and debt reduction, and expects the company to adjust shareholder rewards if necessary. The stock has gained 16% this year.
Molson Coors Expands Beyond Beer, Targets Nonalcoholic Beverages and Long-Term Growth
Molson Coors CEO Gavin Hattersley announced that the company is investing in nonalcoholic beverages to cater to the growing trend of health and wellness among consumers, particularly younger individuals. The company plans to expand its product offerings beyond beer, including energy drinks and nonalcoholic beers. Molson Coors is set to launch a nonalcoholic version of Blue Moon in December, aiming to capture the market during "dry January." Hattersley expressed confidence in the taste of their nonalcoholic beer and expects increased shelf space in stores to drive momentum for the company in the coming year.
Tilray Acquires Truss Beverage, Expanding Cannabis Portfolio
Tilray Brands has acquired the remaining 57.5% stake in Truss Beverage, a cannabis-infused drinks maker, from Molson Coors. This move is part of Tilray's strategy to expand its customer base and strengthen its market position in the spirits and beverages industry. The acquisition will also help streamline sales and distribution for Tilray.
Molson Coors Dominates Beer Market as Sales Soar Past Bud Light
Molson Coors reported an 11.8% surge in net sales over the second quarter, with Coors Light and Miller Lite now 50% bigger than Bud Light in terms of total industry dollars. The company's increased sales reflect a shift in consumer purchasing behavior and a decline in Bud Light's market share following the Dylan Mulvaney marketing campaign controversy. Molson Coors plans to invest heavily in its momentum and has lifted its 2023 financial guidance, expecting a high single-digit increase in net sales compared to 2022.
business2 years ago
Bud Light's Sales Decline Raises Concerns for Brand's Future.
According to a survey conducted by Beer Business Daily, beer distributors believe that Bud Light has suffered permanent damage in the market due to its controversial Super Bowl ad. The survey also found that Anheuser-Busch and Molson Coors are the most respected beer companies among distributors.
Bud Light Sales Plummet Amid Controversy, Stocks Shift Focus.
Bud Light sales fell by over 12% in April following a backlash against the beer's promotional push featuring transgender influencer Dylan Mulvaney. Rivals Molson Coors and Constellation Brands saw respective growth of 7.6% and 3.8% during the same period. Constellation Brands, which owns a diverse portfolio of well-known alcohol brands, including Modelo and Corona, and has investments in cannabis and healthcare, is poised to benefit from the situation. Molson Coors, the maker of Coors Light and Miller Lite, also saw a boost in sales and is expected to perform well in the coming year.
Champagne Producers Destroy American Beer with Misleading Label.
The guardians of France's champagne industry, the Comité Champagne, ordered the destruction of 2,352 cans of Miller High Life beer by Belgium customs due to infringement over its slogan of choice: "The Champagne of Beers." Miller High Life, owned by Molson Coors Beverage Co., is not currently exported to the European Union, and the order for more than 2,300 cans of the American beer was intercepted in Antwerp, Belgium, in February on its way to Germany. The buyer in Germany was informed and did not contest the decision to destroy the beers.