Molson Coors Brewing Company (TAP) has announced that it will merge its U.K. and Ireland businesses with its business in Central Europe to form a new business unit- Molson Coors Europe. The new business unit will take effect from January 2013. Mark Hunter, currently the CEO of the Molson Coors Central Europe segment, will be the CEO of the new business. Molson Coors Europe will be headquartered in Prague and is expected to generate revenues of around $2.3 billion, which is almost 30% of Molson Coors’s 2011 net revenues.
The company acquired the nine breweries of Molson Coors Central Europe (known as StarBev prior to the acquisition) in June. Molson Coors Central Europe has a strong portfolio of more than 20 brands such as Borsodi, Kamenitza, Bergenbier, Ozusko, Jelen and Niksicko, which it sells in the regions of Czech Republic, Serbia, Croatia, Romania, Bulgaria, Hungary, Montenegro, Bosnia-Herzegovina and Slovakia. Molson Coors Central Europe’s flagship brand Staropramen is distributed in more than 30 countries worldwide.
In addition, Stewart Glendinning, who is currently the CEO of the U.K. and Ireland operations, will become the CEO of Molson Coors Canada, replacing Dave Perkins, who plans to retire at the end of January 2013.
Besides, Celso White, who joined Molson Coors in September 2010 as Chief Supply Chain Officer for the international business, will become the Global Chief Supply Chain Officer, replacing Greg Wade, who will retire from this position at the end of 2012.
Molson Coors carries a Zacks #1 Rank, which implies a short-term Strong Buy rating.
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