| Mon 9 Jun 2008, 15:52 | | SAB - SABMiller And Molson Coors Announce Millercoors Leadership Team |
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SAB
SOSAB
SAB - SABMiller And Molson Coors Announce Millercoors Leadership Team
SABMiller PLC
JSEALPHA CODE: SAB
ISSUER CODE: SOSAB
ISIN CODE: GB0004835483
SABMILLER AND MOLSON COORS ANNOUNCE MILLERCOORS LEADERSHIP TEAM
09 June 2008 (London and Denver) -- SABMiller plc (SAB.L) and Molson Coors
Brewing Company (NYSE: TAP; TSX) today announced the MillerCoors leadership
team. As previously announced, Leo Kiely, current CEO of Molson Coors, will be
the CEO of MillerCoors; Tom Long, current CEO of Miller Brewing Company, will
serve as President and Chief Commercial Officer; Tim Wolf, current CFO of Molson
Coors, will be the Chief Integration Officer; and Gavin Hattersley, current
Senior Vice President of Finance at Miller, will be the Chief Financial Officer.
In addition, the following appointments to the MillerCoors leadership team will
become effective upon the closing of the transaction, which is expected to take
place June 30, 2008.
* Tom Cardella, Eastern Division President
* Ed McBrien, Western Division President
* Andy England, Chief Marketing Officer
* Dennis Puffer, Chief Operations Officer
* Karen Ripley, Chief Legal Officer
* Jeanine Wasielewski, Head of Information Technology
* Cornell Boggs, Chief Responsibility and Ethics Officer
* Steve Woodward, Chief Human Resources Officer
* Chris Kozina, Chief of Staff
* Nehl Horton, Chief Communications and Government Affairs Officer
Leo Kiely`s direct reports will include Tom Long, Tim Wolf, Gavin Hattersley,
Dennis Puffer, Karen Ripley, Cornell Boggs, Steve Woodward and Chris Kozina.
In addition, Jake Leinenkugel, President of the Jacob Leinenkugel Brewing
Company, will report directly to Leo Kiely.
Tom Cardella, Ed McBrien, Andy England and Nehl Horton will report to Tom Long.
In addition, chain accounts, the craft and imports division; distributor
consolidation and sales services; revenue management; strategy and M&A; and
commercial planning will also report to Tom Long. The leaders of these functions
will be named shortly.
Jeanine Wasielewski, Head of Information Technology will report to Tim Wolf. In
addition, Kevin Self, Vice President of Integration and Synergies, and Scott
Whitley, Vice President of Integration Planning, will report to Tim Wolf.
"People make it happen and I am very excited about this new team," said Mr.
Kiely. "I believe this seasoned and diverse group of leaders is the best in the
American beer business. Together, we will create a stronger, more competitive
U.S. brewer, with an enhanced portfolio of brands, and the experience and
passion needed to win.
"As we continue to name the next levels of leadership, we will tap into the
great talent at both Miller and Coors. We have already begun planning the core
elements of the integration process, including developing our corporate, sales
and marketing structures so we will be able to hit the ground running on July
1st."
The Miller and Coors businesses will continue to be operated separately and in
the ordinary course until completion of the transaction.
Transaction History and Key Facts
On October 9, 2007, SABMiller and Molson Coors Brewing Company announced that
they had agreed to combine the U.S. and Puerto Rico operations of their
respective subsidiaries, Miller and Coors, in a joint venture.
SABMiller and Molson Coors expect the transaction to generate approximately $500
million in annual cost synergies to be delivered in full by the third full
financial year of combined operations. The transaction is expected to be
earnings accretive to both companies in the second full financial year of
combined operations.
SABMiller and Molson Coors will each have a 50% voting interest in the joint
venture and have five representatives each on its Board of Directors. Based on
the economic value of the contributed assets, SABMiller will have a 58% economic
interest in the joint venture and Molson Coors will have a 42% economic
interest.
Press Conference
The companies will host a press conference call and webcast today at 10:00 a.m.
ET to discuss MillerCoors and the leadership team announcement. To access the
call, participants can dial 866-710-0179 in the U.S. or 334-323-7224
internationally and enter the following pass code: 574235. The live and
archived audio webcast will be available at www.sabmiller.com and
www.molsoncoors.com.
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
2008, the group reported $ 3,639 million adjusted pre-tax profit and revenue of
$ 21,410 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
throughout North America, Europe and Asia. It operates in Canada, through Molson
Canada; in the US, through Coors Brewing Company; in the U.K. and Ireland,
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
Nigel Fairbrass Media Relations, SABMiller
Mob: +44 7799 894265
Molson Coors / Coors
Kabira Hatland Media Relations, Molson Coors
Tel: 303 277-2555
Date: 09/06/2008 15:52:15 Produced by the JSE SENS Department.
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