MillerCoors launch announced

SABMiller plc and Molson Coors Brewing Company announced the closing of the transaction to combine their U.S. and Puerto Rico operations to create MillerCoors June 30.

MillerCoors, which will begin operating as a combined entity on July 1, 2008, will be a dynamic, brand-led U.S. brewer with the scale, resources and distribution platform to succeed in the highly competitive marketplace.

"As a unified company with a world-class board and leadership team in place, MillerCoors will be able to create tremendous opportunities for innovations in products and services that will allow us to drive profitable growth," said Pete Coors, Chairman of MillerCoors. "Personally, I am thrilled to be part of such an exciting and innovative organization and look forward to serving as the Chairman of this new business."

Graham Mackay, Chief Executive of SABMiller, said, "Today is an historic day in the American beer business, not only for the shareholders of both SABMiller and Molson Coors, but for MillerCoors consumers, employees, distributors and business partners. Now that the transaction has closed and MillerCoors is a reality, the strong leadership team we have put in place is ready to execute and realize the tremendous potential of this great organization."

Leo Kiely, Chief Executive of MillerCoors, said, "MillerCoors will be entrepreneurial, with the ability to operate with speed and agility in the marketplace, backed by the powerful combined resources of two exceptionally successful companies. We will drive profitable growth and bring new energy to the U.S. beer industry. Our focus now is to deliver on the $500 million in identified annualized cost synergies by improving sourcing across our eight major breweries, building a streamlined organization and leveraging the scale of the new company. Our talented people are experienced and passionate about this business and - importantly - are determined to win."