Molson Coors Beverage Co (NYSE:TAP) announced on Monday it will be eliminating about 400 jobs in its Americas business, representing about 9% of its workforce, as part of its restructuring efforts.
The reductions include positions that were previously vacant as part of earlier prioritization efforts, as well as roles where employees may opt for voluntary severance packages, the company said.
Molson Coors said the move is intended to create a leaner and more agile organization, allowing the company to focus resources closer to consumers and customers and reinvest in priority brands and initiatives.
The beverage giant expects to incur restructuring costs of between $35 million and $50 million in the fourth quarter, primarily related to cash severance payments and post-employment benefits.
The company plans to complete the restructuring by the end of December.
Molson Coors, which produces beer at breweries in Colorado and owns brands including Coors, Molson, and Miller, had a global workforce of 16,800 employees as of December 2024.
The job cuts come amid ongoing challenges in the US beverage market, including cautious consumer spending amid inflation and tariff-driven fluctuations in the cost of materials such as aluminum used in cans. In August, Molson Coors forecast a decline in its annual profits partly due to these factors.
Shares of Molson Coors edged down 0.8% to about $47 on Monday morning, having fallen about 18% so far this year.