Product launch to debut in summer of 2022 following initial success in sales in the U.S. market
TORONTO, Oct. 12, 2021 /CNW/ - Molson Coors Beverage Company (NYSE: TAP) (TSX: TPX) has entered an exclusive agreement with The Coca-Cola Company to manufacture, market, and distribute Topo Chico Hard Seltzer® in Canada, taking another significant step in its plan to aggressively grow the company's above premium portfolio and become a leader in the fast-growing hard seltzer segment. The product is scheduled to launch in the summer of 2022 throughout most of the country, with the Canadian debut taking place one year after the wildly successful launch of Topo Chico Hard Seltzer in the United States.
"Considering the massive sales success of Topo Chico Hard Seltzer in the United States, we have full confidence that the brand will bring new Canadian consumers into the hard seltzer segment," said Frederic Landtmeters, President and CEO of Molson Coors Canada. "This represents another significant step in growing our above premium portfolio, and another example of us executing on our revitalization plan to build a brighter future for Molson Coors."
Despite being launched in 16 different markets in the United States, Topo Chico Hard Seltzer occupies the No. 3 slot as a new item in the general malt beverages category. The brand also garnered a 2.4% share of the U.S. market according to IRI's multi-outlet and convenience store data. This success has led to the national expansion of the brand across the United States, which will take place in January of 2022.
"The Coca-Cola Company and Molson Coors have created a strong relationship to bring Topo Chico Hard Seltzer to market and are excited to expand the availability of the Hard Seltzer to the Canadian market," said Dan White, Chief of New Revenue Streams, Coca-Cola North America Operating Unit. "Following the successes we've seen in the U.S., we remain focused on supporting Molson Coors as they implement with speed, quality and efficiency, delivering a product that we know Canadians will love."
Topo Chico Hard Seltzer blends sparkling water and natural flavours, and is inspired by Topo Chico sparkling mineral water, a 125-year-old brand with a rich heritage that has been popular with consumers across the globe. The hard seltzer will be developed in four flavours including: Tangy Lemon Lime, Exotic Pineapple, Strawberry Guava and Tropical Mango, which will be available in a 12-pack slim can variety pack, as well as single serve cans in select flavours.
Topo Chico Hard Seltzer represents the third hard seltzer brand in the Molson Coors portfolio currently available in Canada. Both Vizzy Hard Seltzer and Coors Seltzer launched in March 2021, and early returns have exceeded expectations with both seltzers within the leading seltzer brands based on market share. Both brands have realized extensive national distribution with increasing velocity within all provinces.
The agreement is the latest in a series of steps Molson Coors has made to grow the business by maintaining the strength of its iconic core brands, aggressively growing its portfolio of above premium beverages, expanding beyond beer altogether and investing in the company's core capabilities. In May 2021, Molson Coors announced it is investing $100 million in its Canadian operations to more than quadruple in-house production capacity for hard seltzers.
About Molson Coors Beverage Company
For over two centuries Molson Coors has been brewing beverages that unite people for all of life's moments. From Coors Light, Miller Lite, Molson Canadian, Carling, and Staropramen to Coors Banquet, Blue Moon Belgian White, Blue Moon LightSky, Vizzy, Leinenkugel's Summer Shandy, Creemore Springs, Hop Valley and more, Molson Coors produces many beloved and iconic beer brands. While the company's history is rooted in beer, Molson Coors offers a modern portfolio that expands beyond the beer aisle as well.
Molson Coors Beverage Company is a publicly traded company that operates through Molson Coors North America and Molson Coors Europe, and is traded on the New York Stock Exchange (NYSE: TAP, TAP.A) and Toronto Stock Exchange (TSX: TPX.A, TPX.B). Molson Coors' ESG strategy is focused on People and Planet with a strong commitment to raising industry standards and leaving a positive imprint on our employees, consumers, communities and the environment. To learn more about Molson Coors Beverage Company, visit molsoncoors.com or MolsonCoorsOurImprint.com.
About The Coca-Cola Company
The Coca-Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Our company's purpose is to refresh the world and make a difference. Our portfolio of brands includes Coca-Cola, Sprite, Fanta and other sparkling soft drinks. Our hydration, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, Powerade, Costa, Georgia, Gold Peak, Honest and Ayataka. Our nutrition, juice, dairy and plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and AdeS. We're constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek to positively impact people's lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. Learn more at www.coca-colacompany.com and follow us on Twitter, Instagram, Facebook and LinkedIn.
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the U.S. federal securities laws. Generally, the words "believe," "aims," "expect," "intend," "anticipate," "project," "will," "outlook," "desire," and similar expressions identify forward-looking statements, which generally are not historic in nature. Statements that refer to projections of future performance, projections or results regarding the strategic partnership with A/S Bryggeriet Vestfyen are forward-looking statements. Although Molson Coors believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from Molson Coors' historical experience, and present projections and expectations are disclosed in Molson Coors' filings with the Securities and Exchange Commission ("SEC"). These factors include, among others, the impact of the coronavirus pandemic, the impact of increased competition resulting from further consolidation of brewers, competitive pricing and product pressures; health of the beer industry and its brands in its markets; economic conditions in its markets; Molson Coors' ability to maintain manufacturer/distribution agreements; changes in its supply chain system; availability or increase in the cost of packaging materials; success of its joint ventures and partnerships; changes in legal and regulatory requirements, including the regulation of distribution systems; increase in the cost of commodities used in the business; the impact of climate change and the availability and quality of water; loss or closure of a major brewery or other key facility; its ability to maintain good labor relations; its ability to maintain brand image, reputation and product quality; and other risks discussed in its filings with the SEC, including its most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Molson Coors does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Molson Coors Canada
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