Molson Coors Beverage Company announced on Monday its plan to reduce its workforce in the Americas by approximately 400 jobs, representing nine percent of its salaried employees by the end of the year as part of a corporate restructuring initiative. The affected workforce includes employees in the U.S., Canada, and select countries in Latin America.
A spokesperson for Molson Coors confirmed that the restructuring pertains specifically to salaried non-union staff across the Americas. The company has not disclosed a detailed breakdown by country or province at this stage, emphasizing that no offices or breweries will be closed as a result of the restructuring.
This decision aligns with the broader context of challenges facing U.S. alcohol companies due to uncertainties stemming from cautious consumer spending amidst inflation and tariff-related fluctuations. Molson Coors aims to reallocate resources into its key product categories of beers, non-alcoholic beverages, and energy drinks through the restructuring, expecting charges of $35 million to $50 million US in the fourth quarter.
As of December 2024, Molson Coors had a global workforce of 16,800 employees, producing beer locally at facilities in Canada and the U.S. under well-known brands like Coors, Molson, and Miller. The company had previously projected a decline in annual profit in anticipation of tariff impacts linked to the cost of aluminum used for beverage cans.
Following the recent appointment of insider Rahul Goyal as its new CEO, Molson Coors saw its stock trading flat in early sessions.