| Thu 10 Apr 2008, 8:00 | | SAB - SABMiller And Molson Coors Name Tim Wolf Chi |
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SAB
SOSAB
SAB - SABMiller And Molson Coors Name Tim Wolf Chief Integration Officer And
Gavin Hattersley Chief Financial Officer Of Millercoors Joint Venture
SABMILLER PLC
JSE ALPHA CODE: SAB
ISSUE CODE: SOSAB
ISIN CODE: GB00048355483
SABMILLER AND MOLSON COORS NAME TIM WOLF CHIEF INTEGRATION OFFICER AND GAVIN
HATTERSLEY CHIEF FINANCIAL OFFICER OF MILLERCOORS JOINT VENTURE
Highly Seasoned Executives will Play Critical Roles in Launch of MillerCoors
Joint Venture
9 April 2008 (London and Denver) -- SABMiller plc (SAB.L) and Molson Coors
Brewing Company (NYSE: TAP; TSX) today named two executives to key positions in
the MillerCoors joint venture, effective upon the closing of the transaction.
Tim Wolf was named Chief Integration Officer-designate and Gavin Hattersley was
appointed Chief Financial Officer-designate of the prospective U.S. joint
venture announced by SABMiller and Molson Coors on 9 October 2007.
As previously announced, Leo Kiely, current CEO of Molson Coors, will be the CEO
of the joint venture, and Tom Long, current CEO of Miller, will serve as
President and Chief Commercial Officer.
Leo Kiely, Chief Executive of Molson Coors, said, "This is a very exciting time
for both Coors and Miller and I am delighted that Gavin and Tim will be joining
me at MillerCoors as we work to provide our consumers and distributors with
greater choice, product availability and increased innovation. Both Tim and
Gavin are seasoned industry leaders with extensive backgrounds in corporate
financial management and proven success in delivering results."
"We are cooperating fully with regulators in the antitrust clearance process and
continue to prepare for the transaction to close by mid-2008, following
regulatory clearance. We felt it was critical to designate the CFO and CIO
roles now in order to facilitate the planning process and allow us to hit the
ground running upon close."
"As the new entity`s Chief Financial Officer, Gavin Hattersley will be
responsible for establishing strong financial management and commercial
disciplines for the joint venture and for reporting financial performance to the
two shareholders," said Kiely. "He is a respected financial leader with deep
expertise in the beer business and has a proven track record of delivering
synergies. Throughout his career he has built a reputation for his leadership,
integrity and business acumen. In the industry, he`s been widely recognized as a
source of strength at Miller over the last five years and I look forward to
working closely with him."
Mr. Hattersley has served as Senior Vice President of Finance at Miller Brewing
Company since 2002. Prior to that role, Mr. Hattersley held various positions at
SAB Limited in Johannesburg, South Africa, including chief financial officer
with responsibility for the financial aspects of all breweries and sales,
distribution finances, credit management and finance re-engineering. Prior to
joining SAB Limited in 1997, Mr. Hattersley held various financial positions at
Barloworld Limited.
"Tim Wolf will lead the integration process and the disciplined delivery of the
$500 million integration synergy goal," said Kiely. "He has an outstanding
track record in achieving and exceeding synergy goals at Molson Coors, as well
as generating significant value for shareholders. During his more than thirteen
years at Coors and Molson Coors, Tim and our team have driven a 16-fold increase
in the value of the company. His accomplishments have built the strong
reputation and credibility our company enjoys with investors today. As a
leader, he is passionate about the beer business and the people who make it
happen day-to-day."
Mr. Wolf has served as Chief Financial Officer of Molson Coors since the 2005
merger of Molson Inc. and the Adolph Coors Company. Prior to 2005, Mr. Wolf
served ten years as Chief Financial Officer for the Adolph Coors Company and
Coors Brewing Company. Before joining Coors, Mr. Wolf spent 16 years in various
senior planning, strategy and control positions at PepsiCo and The Walt Disney
Company. He is a member of the Xcel Energy Board of Directors.
The closing of the joint venture transaction is subject to obtaining clearance
from U.S. competition authorities, certain other regulatory clearances and any
required third-party consents. The Miller business and the Coors business will
continue to be conducted separately and in the ordinary course until completion
of the transaction.
Overview of SABMiller
SABMiller plc is one of the world`s largest brewers with brewing interests or
distribution agreements in over 60 countries across six continents. The group`s
brands include premium international beers such as Miller Genuine Draft, Peroni
Nastro Azzurro, Grolsch and Pilsner Urquell, as well as an exceptional range of
market leading local brands. Outside the USA, SABMiller plc is also one of the
largest bottlers of Coca-Cola products in the world. In the year ended 31 March
2007, the group reported $3,154 million adjusted pre-tax profit and revenue of
$18,620 million. SABMiller plc is listed on the London and Johannesburg stock
exchanges.
For more information on SABMiller plc, visit the company`s website:
www.sabmiller.com.
Overview of Molson Coors
Molson Coors Brewing Company is one of the world`s largest brewers. It brews,
markets and sells a portfolio of leading premium quality brands such as Coors
Light, Molson Canadian, Molson Dry, Carling, Coors, and Keystone Light. It
operates in Canada, through Molson Canada; in the US, through Coors Brewing
Company; in the UK and Europe, through Coors Brewers Limited. For more
information on Molson Coors Brewing Company, visit the company`s Web site,
http://www.molsoncoors.com.
Overview of Miller
Miller produces, markets and sells the Miller portfolio of brands in the U.S.
The Miller business to be contributed to the joint venture (the "Miller
Business") does not include the sales of Miller brands outside the U.S., but
does include the sale of other SABMiller brands in the U.S.
Overview of Coors
Coors produces, markets and sells the Coors portfolio of brands in the U.S. and
Puerto Rico, which is managed as an integral part of the U.S. business, and also
holds 50% interests in the Rocky Mountain Metal Corporation and Rocky Mountain
Bottle Corporation joint ventures. The Coors business to be contributed to the
joint venture (the "Coors Business") will not include the sales of Coors brands
outside the U.S. and Puerto Rico. The business to be contributed does include
the sale of other Molson Coors brands in the U.S. and Puerto Rico.
This announcement is for information only and does not constitute an offer or an
invitation to acquire or dispose of any securities or investment advice or an
inducement to enter into investment activity. This announcement does not
constitute an offer to sell or issue or the solicitation of an offer to buy or
acquire the securities of SABMiller or Molson Coors (the "Companies") in any
jurisdiction.
The distribution of this announcement may be restricted by law. Persons into
whose possession this announcement comes are required by the Companies to inform
themselves about and to observe any such restrictions.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of
the U.S. federal securities laws, and language indicating trends, such
as "anticipated" and "expected". It also includes financial information, of
which, as of the date of this press release, the Companies` independent auditors
have not completed their review. Although the Companies believe that the
assumptions upon which their respective financial information and
their respective forward-looking statements are based are reasonable, they can
give no assurance that these assumptions will prove to be correct. Important
factors that could cause actual results to differ materially from the Companies`
projections and expectations are disclosed in Molson Coors` filings with the
Securities and Exchange Commission and in SABMiller`s annual report and accounts
for the year ended 31 March 2007 and in other documents which are available on
SABMiller`s website at www.sabmiller.com. These factors include, among others,
changes in consumer preferences and product trends; price discounting by major
competitors; failure to realize anticipated results from synergy
initiatives; failure to obtain regulatory consents or other third party
approvals; and increases in costs generally. All forward-looking statements in
this press release are expressly qualified by such cautionary statements and by
reference to the underlying assumptions. Neither SABMiller nor Molson Coors
undertakes to update forward-looking statements relating to their respective
businesses, whether as a result of new information, future events or otherwise.
Neither SABMiller nor Molson Coors accepts any responsibility for any financial
information contained in this press release relating to the business or
operations or results or financial condition of the other or their respective
groups.
Contacts
For further information, please contact:
SABMiller / Miller Tel: +44 20 7659 0100/ 414 931-6313
Isabel Unsworth
Interim Business Media Relations Manager Tel: +44 20 7659 0131
Molson Coors / Coors
Kabira Hatland
Media Relations, Molson Coors Tel: 303 277-2555
Date: 10/04/2008 08:00:03 Produced by the JSE SENS Department.
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