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MOLSON COORS BEVERAGE COMPANY

(TAP)
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Delayed Nyse  -  04:04 2022-12-02 pm EST
55.57 USD   +1.09%
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Molson Coors Beverage : to Cease Operations of the Saint Archer Brewery and Distribution of its Brands in Retail

01/10/2022 | 01:38pm EST

The company plans to sell its San Diego Brewery to Kings & Convicts Brewing Co, and remains focused on growing its craft portfolio and overall share in above premium beer

GOLDEN, Colo., and MONTREAL, Quebec - Molson Coors Beverage Company (NYSE: TAP; TSX: TPX) today announced that it will cease operations of the Saint Archer brewery and remove Saint Archer brands from the retail marketplace. The company also plans to sell its brewery and taproom located in greater San Diego, California to Kings & Convicts Brewing Company, a San Diego-headquartered craft brewery.

"The Saint Archer team has built a distinct brand that has a very loyal following in Southern California. Unfortunately, the overall business has struggled to grow despite investing significant resources behind its production and commercialization," said Paul Verdu, Vice President of Tenth and Blake, Molson Coors craft division. "We'll maintain ownership of the Saint Archer brand as we determine the best long-term plan and remain focused on growing our regional breweries that continue outpacing home-market competitors."

The sale to Kings & Convicts includes a brewery located in the Miramar neighborhood of San Diego and all its physical assets as well as the 1,200 square foot taproom in the coastal city of Leucadia in North County San Diego. The Miramar brewery will effectively become the new operating headquarters for Kings & Convicts Brewing Company, where the company will begin brewing its own year-round core portfolio and specialty releases, small batch beers for Ballast Point Brewing Co., and brand-new craft beverage products.

Kings & Convicts intends to retain all the current operations and tasting room team members at both locations.

"We are excited for the acquisition of the brewing facility and taprooms, as well as the talented production and taproom staff," said Kings & Convicts co-owner and CEO, Brendan Watters. "We wish Molson Coors the best with the Saint Archer brand."

Regional craft brands remain an important priority for Molson Coors as the company aims to grow its share of the Above Premium beer segment.

About Molson Coors
For over two centuries Molson Coors has been brewing beverages that unite people to celebrate all 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. Our Environmental, Social and Governance (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, MolsonCoorsOurImprint.com or on Twitter through @MolsonCoors.

About Kings & Convicts Brewing Co.
Kings & Convicts is a privately held company headquartered in San Diego, CA, and Highwood, IL, in the North Shore of Chicago. Conceived by an Englishman and an Aussie, Kings & Convicts started brewing for the public in 2017 and was built on the freedom of anti-authority and the spirit of fellowship. They brew ales and lagers inspired by the tales of convicts, royalty, and the undercurrent of American gangsters. Every beer tells a story. Officially moving headquarters and brewing operations to San Diego in 2020 after its purchase of Ballast Point, Kings & Convicts immediately began placing an emphasis on engaging the local community and reestablishing a connection to the birthplace of Ballast Point through the support of local programs and activations, charitable endeavors, and live sports team sponsorships - both through Ballast Point and now through its own individual brand. In 2021, Kings & Convicts became the official 2021-22 craft beer sponsor of the NLL San Diego Seals. For more information, follow along on Instagram and Facebook and visit www.kingsandconvicts.com.

Disclaimer

Molson Coors Beverage Company published this content on 10 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 January 2022 18:37:03 UTC.


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Financials (USD)
Sales 2022 10 735 M - -
Net income 2022 686 M - -
Net Debt 2022 5 826 M - -
P/E ratio 2022 18,0x
Yield 2022 2,72%
Capitalization 12 071 M 12 071 M -
EV / Sales 2022 1,67x
EV / Sales 2023 1,58x
Nbr of Employees 16 300
Free-Float 79,4%
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 21
Last Close Price 55,57 $
Average target price 54,39 $
Spread / Average Target -2,11%
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Managers and Directors
Gavin D. K. Hattersley President, Chief Executive Officer & Director
Tracey I. Joubert Chief Financial Officer
Andrew Thomas Molson Chairman
Peter H. Coors Vice Chairman
H. Sanford Riley Independent Director
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