Molson Coors Beverage Company (“Molson Coors”) (NYSE: TAP; TSX: TPX) and Pabst Brewing Company, LLC (“Pabst”) today announced that they have completed the sale of Molson Coors’s Irwindale, Calif., brewery property to Irwindale Brew Yard (IBY LLC), a subsidiary of Pabst.
In January 2020, Molson Coors announced that it would cease production at the 40-year-old facility by September of 2020. Pabst had the option to purchase the brewery for $150 million per a previously negotiated settlement agreement.
Adam Sher, Irwindale Brew Yard President said: “We are pleased to complete the acquisition of the Irwindale Brewery property. We are continuing to conduct our feasibility study to determine whether there is a path to reopen and operate the brewery at a later date and are committed to choosing a path forward that is in the best interest of all our stakeholders.”
“The sale of the Irwindale facility allows us to streamline our operations for greater efficiency across our network and further strengthen our liquidity,” said Molson Coors Chief Financial Officer, Tracey Joubert. Molson Coors has already transitioned the production from Irwindale to its breweries in Golden, Colo., and Fort Worth, Texas.
About Molson Coors
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 and more, Molson Coors produces some of the most beloved and iconic beer brands ever made. While the company’s history is rooted in beer, Molson Coors offers a modern portfolio that expands beyond the beer aisle as well.
The company’s commitment to raising industry standards and leaving a positive imprint on our employees, consumers, communities and the environment is reflected in Our Imprint and our 2025 sustainability targets. To learn more about Molson Coors Beverage Company, visit molsoncoors.com, MolsonCoorsOurImprint.com or on Twitter through @MolsonCoors.
About Pabst Brewing
Founded in 1844, Pabst is one of North America’s largest privately held brewing companies. Pabst’s portfolio includes iconic brands with deep ties to America’s heritage, such as its flagship Pabst Blue Ribbon and others such as Lone Star, Rainier, Old Style, Stag, Stroh’s, and Old Milwaukee. Pabst embraces change and is continuously innovating to find new and interesting ways to connect with consumers both within and outside the beer category. Our company, our people, and our brands are committed to making a positive impact on communities across the country. For more information about Pabst, please visit www.pabst.com.