Canada: Molson Coors is selling some of its non-beer assets
Molson Coors Brewing Co. is focusing on its main beer operations. To this purpose the Comopany will consider whether to sell assets, including its minority stake in the Montreal Canadiens hockey team during the next year, Associated Press commented.
The company, created by the $3.4 billion merger of Adolph Coors Co. and Molson Inc. in February 2005, owns 19.9 % of the Canadiens, hockey's most storied franchise. Montreal-based Molson Inc., which bought the Canadiens in 1978, sold control of the team to Colorado businessman George Gillett for $275 million ($220 million) in 2001.
"We are going to take a look at all our non-core assets and activities around the globe and make an assessment over the next year or so," Molson Coors Chief Financial Officer Timothy Wolf told reporters after the company's annual meeting in Montreal Wednesday. He defined non-core assets as those "we don't need to make and sell, and be more competitive in the beer business."
Besides the Canadiens, Molson Coors's non-beer assets include Molson Sports & Entertainment, which promotes sports events and rock concerts. In November, Molson canceled its sponsorship of the Vancouver Champ Car World Series auto race after 15 years of backing the event.
Forbes Magazine valued the Canadiens at $195 million last year, No. 8 among National Hockey League franchises.
The lockout that led to the cancellation of the 2004-05 National Hockey League season means now probably wouldn't be a good time for Molson Coors to sell its holding in the Canadiens, who have won a record 24 Stanley Cup championships, said chief financial officer Timothy Wolf.
Molson Coors last week reported an unexpected net loss of $46.5 million. Beer sales fell in Canada, the U.S. and the U.K., indicating that the merger, aimed at creating a company big enough to compete with rival Anheuser-Busch Cos., has so far failed to boost revenue.
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