Molson Coors plant to close |
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Tue, 31 Jul 2007 23:13
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DENVER (AP) - Molson Coors Brewing Co., one of the world's largest brewers, said Tuesday it will close a brewery in Edmonton, Alberta, that has been idle since union members went on strike in May.The closure will eliminate 136 jobs, and products manufactured at the plant will be shifted to other Canadian breweries during the fourth quarter and early in 2008, the company said. No disruption in supplies is expected.The Edmonton plant brewed and packaged beer for the Molson Canada unit, a total that was less than 10 percent of that unit's annual overall production volume.'The closure of the brewery has been necessitated by changing industry dynamics in the Canadian beer market and supports the company's cost-containment goals,' Molson Coors said in a Securities and Exchange Commission filing.The Denver-based brewer will record a non-cash impairment charge of about $37 million before taxes associated with the change. There also will be undetermined costs associated with terminating employees at the brewery, the company said.Molson Coors, formed from the marriage of Molson Inc. and Adolph Coors Co., made the announcement after the market closed. Its shares rose 4 cents to $88.94 in Tuesday trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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