Yuengling and Molson Coors Form Joint Venture to Expand Geog
POTTSVILLE, Pa., Sept. 15, 2020 /PRNewswire/ -- D.G. Yuengling & Son, Inc., America's Oldest Brewery®, and Molson Coors Beverage Company (NYSE: TAP, TSX: TPX) have launched a long-term brewing partnership, which will bring Yuengling's beer to millions more people outside of their East Coast footprint. This partnership will allow the distribution of Yuengling beers to expand further west for the first time in history. The formal announcement will be made at a press conference today at 10:00 a.m., EDT. Media interested in participating can RSVP here.
The joint venture between Yuengling and Molson Coors will oversee any new market expansion beyond the 191 year old brewer's existing 22 state footprint plus any future New England expansion. The partnership is expected to begin by launching in the second half of 2021 and will be governed by a board of directors, consisting evenly of Yuengling and Molson Coors family members and executives. Importantly, D.G. Yuengling & Son, Inc. remains a family-owned business and the existing company will operate separately from the joint venture with Molson Coors.
"We are excited to launch this brewing partnership with the team at Molson Coors. Like Yuengling, Molson Coors has an established commitment to quality and rich history of family brewing excellence," said Wendy Yuengling, Chief Administrative Officer and 6th generation family member, D.G. Yuengling & Son, Inc. "This partnership is a great opportunity for us to grow our distribution footprint for the long-term, while continuing to support our existing markets and the communities in which we operate."
The Yuengling family will work closely with the iconic Coors and Molson brewing families, and the Molson Coors Beverage Company, to brew Yuengling products and expand their geographic footprint as an extension of America's Oldest Brewery. Together, Yuengling brewers will work hand-in-hand at Molson Coors' world-class brewing facilities and tap into their expertise in brewing and distribution to make the Yuengling brands more accessible to fans by opening markets the company can't currently reach.
"This is a huge growth opportunity for Yuengling, it's a huge growth opportunity for Molson Coors, and we're going to make a whole lot of Yuengling fans out west really happy," said Gavin Hattersley, President and CEO of Molson Coors Beverage Company. "Today, three storied brewing families and their collective 18 generations of brewing excellence, have come together with one goal for the future – a future focused on growth. That is worth celebrating."
"We are excited to work with the Molson Coors' team on this partnership," said Jennifer Yuengling, Vice President of Operations and 6th generation family member, D.G. Yuengling & Son, Inc. "Fans can expect the same Yuengling recipes and great taste they have come to love for more than 190 years."
About D.G. Yuengling & Son, Inc.
D.G. Yuengling & Son, Inc., America's Oldest Brewery®, is family-owned and operated since 1829. Now sold in 22 states, production is supported by two breweries in Pottsville, PA and one in Tampa, FL. Principal beer brands include Yuengling® Traditional Lager, Light Lager, Black & Tan, Golden Pilsner, Premium, Light, Dark Brewed Porter, Lord Chesterfield Ale®, Oktoberfest, Yuengling Hershey's Chocolate Porter and new FLIGHT by Yuengling, the Next Generation of Light Beer TM. Get access to media images here.
Overview of Molson Coors
For over two centuries Molson Coors has been brewing beverages that unite people for all of life's moments. From Coors Light, Miller Lite, Molson Canadian, Carling, and Staropramen to Coors Banquet, Blue Moon Belgian White, Blue Moon LightSky, Vizzy, Leinenkugel's Summer Shandy, Creemore Springs and more, Molson Coors produces some of the most beloved and iconic beer brands ever made. While the company's history is rooted in beer, Molson Coors offers a modern portfolio that expands beyond the beer aisle as well. To learn more about Molson Coors Beverage Company, visit molsoncoors.com, MolsonCoorsOurImprint.com or on Twitter through @MolsonCoors.
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Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the U.S. federal securities laws. Generally, the words "believe," "aims," "expect," "intend," "anticipate," "project," "will," "outlook," "desire," and similar expressions identify forward-looking statements, which generally are not historic in nature. Statements that refer to projections of its future financial performance, its anticipated results, cost savings and trends in Molson Coors' businesses, and other characterizations of future events or circumstances are forward-looking statements. Although Molson Coors believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from Molson Coors' historical experience, and present projections and expectations are disclosed in Molson Coors' filings with the Securities and Exchange Commission ("SEC"). These factors include, among others, the impact of the coronavirus pandemic, the impact of increased competition resulting from further consolidation of brewers, competitive pricing and product pressures; health of the beer industry and its brands in its markets; economic conditions in its markets; Molson Coors' ability to maintain manufacturer/distribution agreements; changes in its supply chain system; availability or increase in the cost of packaging materials; success of its joint ventures; changes in legal and regulatory requirements, including the regulation of distribution systems; increase in the cost of commodities used in the business; the impact of climate change and the availability and quality of water; loss or closure of a major brewery or other key facility; its ability to maintain good labor relations; its ability to maintain brand image, reputation and product quality; and other risks discussed in its filings with the SEC, including its most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Molson Coors does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE D.G. Yuengling & Son, Inc.