Beer maker Molson Coors plans to reduce its salaried US workforce by 9pc, after tariff-related pressures and changing consumer preferences have eroded profits for the Illinois-based company.
The company said on Monday it expects to cut around 400 positions by the end of December, with "hundreds" of those coming from unfilled roles that Molson Coors opened earlier this year. The corporate restructuring will allow the company to concentrate on its beer portfolio and expand into other product categories, including premium mixers, non-alcoholic beverages and energy drinks.
"We've made progress on our transformation journey, but given the environment, we must transform even faster," chief executive Rahul Goyal said. "We must move with urgency and make bolder decisions."
Moors Colson cut its full-year earnings guidance in August, now expecting sales to fall by 3-4pc from 2024 compared to the "low single-digit decline" it had forecast in May. Production volumes through the first six months of 2025 were down by 6.4pc to 3.6bn liters on the year, heavily pressured by weaker consumption in the US — its largest market.
Input costs also have weighed on the company's revenue, with Molson Coors citing sharp gains in the Midwest premium for primary aluminum because of US import tariffs on the lightweight metal that now stand at 50pc. The company expects a full-year impact of $40mn-55mn from higher costs.
