Molson Coors workers on strike in Texas

Investing.com - Workers at Molson Coors’ facilities in Fort Worth, Texas walked out on strike over the weekend after failing to agree a new three-year contract with the brewing giant.

The strike shuts down production at the only brewery that services the Western region of the United States with major Molson Coors (NYSE:TAP) products.

The Teamsters union, which represents the workers, has been in negotiations with the brewer since November, seeking a pay raise for members, and the elimination of two-tiered health care and retirement benefits. 

The union described the company’s latest offer as “insulting”, saying it included a less than $1 per hour wage increase for most union workers. 

Molson Coors reported its 2023 full-year results last week, with its global net revenue growing more than 9% and the bottom line increasing by nearly 37%. 

“These are our highest reported dollar results on record ever, on top of the already impressive results in 2022,” said Molson Coors CEO Gavin Hattersley.

The company has contingency plans in place, according to Molson Coors' Chief Communications Officer Adam Collins. "We deliberately built up distributor inventories across the country in recent weeks, our five other U.S. breweries have extra capacity.”