COORS BREWING CO. ANNOUNCES LETTER OF INTENT TO SELL COORS TRANSPORTATION CO.
COORS BREWING CO. ANNOUNCES LETTER OF INTENT TO SELL COORS TRANSPORTATION CO. GOLDEN, Colo., Aug. 7 /PRNewswire/ -- Coors Brewing Co., a wholly owned subsidiary of Adolph Coors Co. (ACCOB) (NASDAQ: ACCOB), announced today that it has signed a letter of intent to sell substantially all the assets and operations of its Coors Transportation Co. subsidiary to Westway Express Inc. of Albuquerque, N.M. Subject to the satisfaction of certain financial, legal and regulatory conditions, the companies expect to close the transaction Oct. 1, 1992. "This agreement represents another important step in our efforts to sharpen our focus on the challenges of the brewing industry and to concentrate on brewing and selling the finest quality beer," said Peter H. Coors, chief executive officer of Coors Brewing Co. The majority of Coors Transportation's business comes from outside Coors, he said. The nation's third-largest brewer plans to continue to utilize the services of the refrigerated-trucking operation after the proposed sale. This would extend a relationship between Westway and Coors Brewing Co. that goes back more than 30 years. The acquisition of Coors' transportation assets and operations would result in a substantial increase in Westway's national capability. Coors Transportation currently employs approximately 200 people, including 25 at the company's headquarters in Denver. No price for the proposed sale was released. -0- 8/7/92 /CONTACT: Heidi Buehler Nogues or Dave Dunnewald both of Coors Brewing Co., 303-277-2555 or 800-525-3786/ (ACCOB) CO: Coors Brewing Co. ST: Colorado IN: FOD SU:
MC -- DV005 -- 8072 08/07/92 14:14 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Aug 7, 1992|
|Previous Article:||MERCEDES CARS AT CHICAGO INTERNATIONAL CONCOURS D'ELEGANCE|
|Next Article:||TIMKEN BOARD OF DIRECTORS STRENGTHENS COMPANY LEADERSHIP|