March 4, 2009 / 8:08 PM / 11 years ago

UPDATE 1-Molson Coors sees another $100 mln in cost savings

* Sees annual savings of at least $100 mln in 3 yrs

* Sees 2009 cash flow of about $575 mln

* Says position on Fosters stake unchanged

By Martinne Geller

NEW YORK, March 4 (Reuters) - Molson Coors Brewing Co (TAP.N) expects to shave at least another $100 million in annual costs, its chief financial officer said on Wednesday, on top of a previous plan to save $250 million.

CFO Stewart Glendinning said the maker of Coors Light and Molson Canadian expects to reach the latest goal by the end of 2012, the third year of the program.

Speaking to analysts in New York, Glendinning said he will provide the exact target and details of the program later this year. Glendinning also said the brewer’s 2009 goal for free cash flow was $575 million, plus or minus 10 percent.

Chief Executive Peter Swinburn said Molson’s interest in Australia’s Foster’s Group Ltd FGL.AX has not changed.

Molson recently acquired a 5 percent stake in Australia’s largest brewer, fueling speculation it would seek to acquire the brewer outright if Foster’s would sell its wine business. Foster’s said last month it would keep its wine business.

Molson executives said Wednesday the company was still interested in Australia, though Swinburn said “acquisition is not the only way into the market.”

Shares in the company fell 4 cents to $35.48. (Reporting by Martinne Geller; editing by Jeffrey Benkoe)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below