COORS ADDS $1.1 BILLION TO COLORADO ECONOMY
COORS ADDS $1.1 BILLION TO COLORADO ECONOMY GOLDEN, Colo., Sept. 10 /PRNewswire/ -- Adolph Coors Co.
(NASDAQ: ACCOB) last year pumped more than $1.1 billion into the Colorado economy, according to a study released today. The economic contribution by Colorado's 5th largest company is up $172 million, or 18.5 percent from the year before, primarily because of a major capital investment program and the creation of 600 additional Coors jobs in Colorado.
The economic impact of Coors on Colorado -- which equates to nearly $850 for each of the state's 1.3 million households -- comes from taxes, retail sales, capital spending, company purchases and other sources. Utilizing 1991 data, the latest available, the study also concluded that more than 30,000 jobs in Colorado depend on Coors. The economic base created and maintained by Coors in the state is large enough to provide full employment for a city of more than 60,000. In 1991, Coors' contribution to the Colorado economy included the following: $555 million in retail sales, $113 million in taxes, $217 million in company purchases (including $15.2 million in barley from Colorado farmers), $176 million in capital spending and employees' personal savings of $39 million. Company officials said that Coors has such a large impact on the state because its headquarters and 15 of the company's 38 facilities nationwide are in Colorado, as are 8,600 of its 11,700 employees. The best-known of these facilities is the world's largest single-site brewery, which in 1991 produced 19.5 million barrels (equal to 269 million cases) of beer. The annual economic impact study found that, for each Coors job, two-and-a-half more jobs are created in local economies throughout the state. The average salary of Coors employees in the state was approximately $44,000 last year. Benefits -- including pension plan, health insurance and others, but excluding vacation and holiday pay -- were worth another $6,400 per employee. Adolph Coors Co. -- founded in 1873 in Golden -- is one of the 220 largest publicly traded industrial corporations in the United States. This diversified company operates four major businesses -- Coors Brewing Co., Coors Ceramics Co., Golden Aluminum Co. and Graphic Packaging Corp. -- as well as several high-tech developmental businesses. The largest of these major businesses, Coors Brewing Co., is the third-largest brewer in the United States. -0- 9/10/92 /CONTACT: Dave Dunnewald or Joe Fuentes both of Coors Brewing Co., 303-277-2555 or 800-525-3786/ (ACCOB) CO: Adolph Coors Co. ST: Colorado IN: SU:
MC -- DV007 -- 8099 09/10/92 14:23 EDT
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|Date:||Sep 10, 1992|
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