Molson Coors Invests in Boosting Its Seltzer and Hard Seltzer Output by 400%
Responding to the rising tide of seltzer and hard seltzer sales in 2020, Molson Coors Beverage (NYSE: TAP) announced this morning it will quintuple its production capacity for these beverages at several of its most important facilities. While the company didn't provide exact figures, it said it "invested millions of dollars to install new equipment" at its Fort Worth plant and added new equipment to its Milwaukee facility, too.
The move is part of Molson Coors' strategic objectives for the coming year. During the recent third-quarter 2020 earnings conference call held on Oct. 30, CEO Gavin Hattersley said that by "the end of 2021, we plan to capture a double-digit share of the U.S. seltzer market, backed by what arguably is the most complete seltzer portfolio in the business." He added the company expects to generate $1 billion in annual revenue from seltzer sales within three years.
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