Molson lays off 287; takes $36-million onetime charge
Article Abstract:
Molson Inc terminated 287 employees on Sep 8, 1999 and posted a $36 million onetime charge as part of a program to limit its expenses. The cost-cutting measures will result in yearly savings of $30 million by FY 2002. The job cuts comprised 18% of the brewer's 1,500 salaried workers. The onetime cash charge will be made in the quarter ending Sep 30, 1999. Molson's class A shares increased 40 cents to $25.10 on the Toronto Stock Exchange on Sep 8, 1999.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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New COO on a mission for Molson
Article Abstract:
Molson Inc COO Dan O'Neill wants to create cash flow for the Toronto-based brewing company and increase shareholder value. The company also envisions a smaller profit gap with competitor Labatt Brewing Company Ltd and post profit growth in 1999. Molson stock increased 21% on closing Aug 27 at $26.25 on the Toronto Stock Exchange. The move to increase focus on shareholder value may require facility improvement and the closure of some plants.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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Comment about this article or add new information about this topic: