MILWAUKEE — MillerCoors announced a major plan to reorganize its business model on Wednesday.
The MillerCoors name will officially be retired and the company will be called Molson Coors Brewing Company.
Miller Brewing, or MillerCoors since 2008, has a legacy in Milwaukee going back to 1855. The history will stay intact, along with the brand names like “Miller Lite,” according to Marty Maloney of MillerCoors.
“Miller will remain synonymous with Milwaukee,” Maloney said. “We’re proud to be known as Miller Brewing. We don’t want that to change.”
The iconic signs will remain in Milwaukee as they are, but the company won’t go by Miller anymore. Starting January 1, 2020, the corporation will be known as Molson Coors Brewing Company, which is the parent company, as it undergoes a change in structure.
It comes about a decade after the name changed to MillerCoors when those two companies merged together.
“They’re going to consolidate into one North American business unit,” Maloney said.
For Milwaukee, that means more corporate jobs, but Maloney said it’s too early to know just how many. It could also result in some cuts, with the majority expected to happen in Denver and Canada. The company said it plans to cut 400 to 500 jobs in total.
“There will be a large net gain in terms of the head count coming to the campus here,” Maloney said.
Mayor Tom Barrett anticipates this move will have a positive impact on the city.
“These are essentially white collar jobs that are very good paying jobs which we are proud to host here in the City of Milwaukee,” Barrett said. “Our Milwaukee presence remains strong, vibrant and with today’s announcement, expanding.”
However, MillerCoors admits the company has faced challenges in recent years. The company just reported a third quarter loss in revenue.
With the consolidation, it hopes to reach new heights and stay competitive in the beer industry.
“This is going to allow us to save over $150 million annually and every cent of that is getting put back into the business to promote those brands and hopefully grow volume,” Maloney said.
The company expects to have more information on the jobs coming to Milwaukee in the next few weeks. It expects them to be in place by July 1, 2020.