USA: Coors Brewing Co. finalizes sale of Memphis brewery to former plant manager
Coors Brewing Co. has completed the sale of its Memphis brewery to Chism Hardy Enterprises LLC, an investment group led by former plant manager Carolyn Hardy, Memphis Business Journal posted September 06.
Financial terms of the deal were not disclosed.
In August, the Memphis and Shelby County Industrial Development Board approved an eight-year tax abatement for Chism Hardy, which saves the company $4.5 million.
At that meeting, Hardy said the plant would provide 255 jobs over three years, with the median wage being $28,000 without benefits and $43,960 with benefits.
Coors and Chism Hardy have also negotiated an agreement by which the Memphis facility will serve as a distribution center for Coors products.
Coors anticipates the sale will reduce its operating expenses by $30 million annually.
"The sale of the Memphis brewery is the single most important milestone in our $175 million merger cost synergies program," said Molson Coors Brewing Co. president and CEO Leo Kiely. "This is a win-win transaction that benefits Memphis and Coors Brewing Co."
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