Coors Memphis brewery to go on the block.The Coors Memphis brewery is slated to go up for auction in December, offered as a turn-key five million barrel operation. Molson-Coors announced the closure of the Memphis brewery in February 2005. At the time, the company said that the shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down was part of the newly-merged brewers attempt to achieve $175 million in cost synergies Cost Synergy In the context of mergers, cost synergy is the savings in operating costs expected after two companies, who compliment each other's strengths, join. Notes: The savings in operating costs usually come in the form of laying off employees. . The company said that cost savings from the closure would be in the range of $32 to $35 million annually. The plant is a modern 1,326,684 square foot brewery, originally built by the Joseph Schlitz Joseph Schlitz (May 15,1831–May 7,1875) was a German entrepreneur who made his fortune in the brewing industry. A native of Mainz, Germany, Schlitz emigrated to the U.S. in 1850. In 1856 he assumed management of the Krug Brewery in Milwaukee, Wisconsin. Brewing Co. in 1972. The brewery was acquired by the Stroh Brewery Co. in 1982, when it bought Schlitz, and was sold to the Coors Brewing Co. in 1990. The brewery underwent a $68 million modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, in recent years to bring it up to its current five million barrel capacity. Coors has used the brewery to make Coors N.A., Zima, Blue Moon and Killian's. |
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