DENVER (AFX) - Molson Coors Brewing Co. said Wednesday it completed the sale of its Memphis, Tenn., brewery to an investment group led by a former plant manager.
Molson Coors said it expects the sale will cut its annual operating expenses by $30 million. The company said in early 2005 it would close the plant and has since been depreciating its assets.
The buyer is Chism Hardy Enterprises LLC, an investment group led by former Coors Brewing Co. plant manager Carolyn Hardy. The two companies have agreed for the Memphis brewery to serve as a distribution center for Coors products.
Molson Coors shares closed down 42 cents at $69.79 on the New York Stock Exchange.
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