MillerCoors Cutting Jobs

MillerCoors has cut 269 jobs as part of its efforts to save money. The joint venture between SABMiller's US unit and the Molson Coors Brewing Company said it was on track to cut $500 million in spending over the next three years, and would realize $50 million in savings by the end of June 2009. Of the most recent cuts, 100 were in Milwaukee where SABMiller's US unit was based. It is unclear how many of the remainder of the cuts came from Golden, Colorado, where Molson Coors is based. The company plans to cut between 300 and 350 jobs in the next six months, but will open a new headquarters in Chicago in June. The net income for the combined company is 15 percent higher than the total posted a year earlier, when they were separate entities. Total sales at MillerCoors increased 2.1 percent to $1.95 billion.

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