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Coors Brewing Company
GOVERNOR WARNER ANNOUNCES COORS’ DECISION TO BUILD THIRD U.S. BREWERY AT VIRGINIA FACILITY
-Coors to invest up to $190 million at Elkton operations in Rockingham County-
RICHMOND - Governor Mark R. Warner today announced that Golden, Colorado-based Coors Brewing Company will construct its third U.S. brewery at its Elkton, Virginia site. The company will invest between $160 million and $190 million in the project and add four to 10 new positions to its current employee base of 467. Coors Brewing Company had several options on where to add brewing capacity and Virginia was successful in securing the business.
“Coors has been an exemplary employer in the Shenandoah Valley for 17 years,” said Governor Warner. “This expansion project confirms that Virginia is a leader in the food processing and beverage industries. I am pleased that the Commonwealth is playing an active role in making the Elkton site one of Coors’ critical U.S. operations.”
Founded in 1873, Coors Brewing Company is the principal subsidiary of Adolph Coors Company, the third-largest U.S. brewer and the world's ninth-largest brewer. The company sells its products in North America, Europe, Latin America, and Asia. In Canada, Coors Light is the country's top-selling light beer. In the United Kingdom, Coors Brewers Limited is the second-largest brewer with the U.K.'s leading brand, Carling. Adolph Coors Company stock trades on the New York Stock Exchange under the symbol RKY. For more information on Adolph Coors Company, visit the company's Web site at www.coors.com.
Leo Kiely, Coors Brewing Company President and Chief Executive Officer, said, “This is a great day for Coors and for the Commonwealth of Virginia as we take this important step toward making our business more cost-competitive, while improving service to our customers. We plan to invest between $160 million and $190 million over the next three years to build one of the most modern, efficient breweries in the world here in Virginia. This new brewery should provide adequate brewing capacity for the company’s operations for the foreseeable future. We anticipate that this build-out will achieve significant savings and financial returns, bring brewing capacity much closer to our important East Coast markets and distributors, and significantly reduce the inherent risk of having only one major brewing facility.”
The build-out will include two brew lines, fermentation and aging equipment, a new rail spur and several new structures to house controls and related processes.
“Virginia has been a great place for us to do business and we are very pleased that our long-term growth as a company includes additional investment in and commitment to the Commonwealth,” said Kiely.
The Virginia Economic Development Partnership prepared the state’s proposal and negotiated an incentive package to secure the project for Virginia. Governor Warner approved a $500,000 performance-based grant from the Virginia Investment Partnership program, an incentive available to existing Virginia companies. Rockingham County will receive $450,000 in rail access funding through the Virginia Department of Rail and Public Transportation. The Shenandoah Valley Partnership, the Town of Elkton and Rockingham County also assisted Coors with its decision. The Virginia Department of Business Assistance will provide training and retraining assistance for employees through its Workforce Services Program.