Beer maker Molson Coors Beverage Company said Monday it will cut about 400 jobs, or nine percent of its American workforce, by the end of the year as part of a corporate restructuring plan.
The company's staff in America includes employees from the United States, Canada and some Latin American countries. CBC News has reached out to a spokesperson to see if any Canadian employees were affected.
The move comes as U.S. alcohol companies face uncertainty caused by cautious consumer spending amid inflation and volatility caused by tariffs.
As part of the restructuring, Molson Coors said it intends to reinvest in its core categories of beer, soft drinks and energy drinks. The company is expected to incur expenses of $35 million to $50 million in the fourth quarter.
The company, which produces beer at local breweries in Canada and the United States and through its own brands such as Coors, Molson and Miller, had a total of 16,800 employees worldwide as of December 2024, according to its annual report.
Molson Coors forecast a drop in its annual profit in August, anticipating an impact on tariffs from the cost of the aluminum it uses to make beverage cans.
Shares of the company, which just weeks ago named insider Rahul Goyal as its new CEO, were unchanged in early trading.
