MADISON, Wis. - The parent company of MillerCoors has announced a major revitalization plan Wednesday morning.
The company plans to drop "Miller" from its brand name along with the word brewing, as it looks to expand beyond beer. It will be now known as Molson Coors Beverage Company, with the official name change going into effect Jan. 1, 2020.
Molson Coors President and CEO laid out a revitalization plan on the company's website, announcing these changes.
The company plans to streamline the organization and reinvest $150 million annual in its business around the globe.
"Our business is at an inflection point," Hattersley said in a statement. "We can continue down the path we've been on for several years now, or we can make the significant and difficult changes necessary to get back on the right track."
The company will close its Denver office and make Chicago its North American commercial headquarters. It will move all functional support roles to Milwaukee, according to the Milwaukee Business Journal.
Speaker Robin Vos, R-Rochester, released the following statement on the changes:
"I would like to thank MillerCoors for expanding its workforce in Wisconsin and its continued commitment to the state. Governor Evers also should be commended for following through on income tax credits that Governor Walker and the Wisconsin Economic Development Corporation authorized or the company in 2017. It's good to see the governor is beginning to understand the importance of providing incentives to help spur business and job growth," Rep. Vos said in a statement.
The company is also consolidating some of its international offices.
The company will cut around 500 salaried employees as a result of these consolidations. Its brewery in Golden, Colorado will remain.