MillerCoors to cut 350 jobs as it fights volume declines
MillerCoors has announced it is eliminating approximately 350 salaried positions across the company, the latest in a series of moves it has made in an effort to get its business back on track.
MillerCoors has announced it is eliminating approximately 350 salaried positions across the company, the latest in a series of moves it has made in an effort to get its business back on track. The reorganization follows several years of volume declines amid a challenging industry, including a tough first half of 2018. It comes as a recognition that the company’s organization and cost base are now out of line with the scale of its business and increasing costs.
“We are moving quickly and decisively to get our business back on track,” said MillerCoors CEO Gavin Hattersley in an email to distributors. “To accomplish this, we know we need the financial flexibility to invest in our brands and solutions at the right level, quickly capitalize on new opportunities, and maintain a robust marketplace presence. Our current fixed cost base limits our ability to do all this.”
Of the 350 salaried positions MillerCoors is seeking to eliminate, approximately 150 are roles that had been held open or were cut earlier this year, the email said. MillerCoors also is offering a voluntary severance program as part of the restructuring.
Since early July MillerCoors has taken several actions as it focuses on getting the business back on track. The company announced a search for a new CMO and appointed a new leader to oversee the conversion of its breweries to an integrated system. In addition, it decided to stop producing Two Hats so it could divert resources to other parts of its portfolio and has announced that in 2019 it will roll out a new lineup of flavored alcoholic beverages called Cape Line.