MillerCoors Company Launched, Miller and Coors Merge

Miller Brewing Company and Coors Brewing company has just annouced that they will become MiilerCoors. and Board members have been named.

From BrewBlog.com:

SABMiller plc and Molson Coors Brewing Company today announced the closing of the transaction to create MillerCoors.

MillerCoors, which combines their U.S. and Puerto Rico operations, begins operating as a combined entity on July 1.

“As a unified company with a world-class board and leadership team in place, MillerCoors will be able to create tremendous opportunities for innovations in products and services that will allow us to drive profitable growth,” Pete Coors, Chairman of MillerCoors, said in a release announcing the closing. “Personally, I am thrilled to be part of such an exciting and innovative organization and look forward to serving as the Chairman of this new business.”

Graham Mackay, Chief Executive of SABMiller, in the release said: “Today is an historic day in the American beer business, not only for the shareholders of both SABMiller and Molson Coors, but for MillerCoors consumers, employees, distributors and business partners. Now that the transaction has closed and MillerCoors is a reality, the strong leadership team we have put in place is ready to execute and realize the tremendous potential of this great organization.”

The two companies also announced the 10 directors of the MillerCoors board. They are:

• Pete Coors, Vice-Chairman of Molson Coors Brewing Company and Chairman of the MillerCoors Board
• Graham Mackay, Chief Executive Officer of SABMiller plc and Vice-Chairman of the MillerCoors Board
• Peter Swinburn, President and Chief Executive Officer of Molson Coors
• Sam Walker, Global Chief Legal Officer and Corporate Secretary of Molson Coors
• Stewart Glendinning, Global Chief Financial Officer of Molson Coors
• Dave Perkins, President, Global Brand and Market Development of Molson Coors
• Malcolm Wyman, Chief Financial Officer of SABMiller plc
• Nick Fell, Group Marketing Director of SABMiller plc
• Johann Nel, Group Human Resources Director of SABMiller plc
• Sue Clark, Corporate Affairs Director of SABMiller plc

According to pro forma figures for the year ended March 31, MillerCoors earnings before interest, taxes, depreciation and amortization of $991 million, up nearly 18 percent from the year-earlier period. Its revenues were $7 billion, up 6 percent. It shipped 70.1 million barrels to wholesalers, up 1.6 percent.

Leo Kiely, Chief Executive of MillerCoors, said in the release: “MillerCoors will be entrepreneurial, with the ability to operate with speed and agility in the marketplace, backed by the powerful combined resources of two exceptionally successful companies. We will drive profitable growth and bring new energy to the U.S. beer industry. Our focus now is to deliver on the $500 million in identified annualized cost synergies by improving sourcing across our eight major breweries, building a streamlined organization and leveraging the scale of the new company. Our talented people are experienced and passionate about this business and – importantly – are determined to win.”