Molson Coors to cut 400 jobs in ‘Americas’ restructuring

Molson Coors is to shed 400 jobs as part of a restructure of its ‘Amercias’ business unit.

The move was designed to create a “leaner, more agile” organisation while enabling Molson Coors to “reinvest in the business and position the company for future growth”, the Coors brewer said in a statement.

The restructure is expected to be completed by the end of 2025. It will result in the reduction of approximately 9% of the company’s Americas business salaried workforce.

“We’ve made progress on our transformation journey, but given the environment, we must transform even faster,” said Molson Coors CEO Rahul Goyal. “To win with our customers and consumers and return to growth, we must move with urgency and make bolder decisions.

“We are moving quickly and intentionally on a long-term, achievable strategy that continues our journey to become a total beverage company and that we believe puts us on the path to sustainable growth.

“We look forward to sharing more detail on this strategy in the coming months.”

In connection with the restructuring, Moslon Coors said it expected to report charges of between $35m-$50m, primarily in the form of cash severance payments and post-employment benefits.

The payments would be made over the next 12 months, Molson Coors said.

“These are never easy decisions, and I am grateful to those who will be departing for their many contributions and to those who will continue to guide us on our journey toward growth,” Goyal added.

Molson Coors forecast a drop in its annual profit in August, citing tariff impacts from the cost of aluminium.

It now expects annual adjusted earnings per share to decline by between 7% to 10%, compared to a prior forecast of a low-single-digit rise.

Net sales for the year, meanwhile, are predicted to decline by between 3%-4%, down from previous expectations of a low-single-digit decline.

Goyal was appointed Molson Coors CEO in September, replacing the retiring Gavin Hattersley.

It comes after rival brewer Heineken last week revealed it was to restructure its global headquarters in Amsterdam, affecting 400 of its employees.