Molson Coors Brewing Company has announced plans to lay off nearly 500 employees worldwide as part of its restricting plan.

As part of the revitalisation plan, the company will consolidate its four business units, US, Canada, Europe and International, into North America and Europe, with other regions reporting to the two.

Commenting on the move, Molson Coors president and CEO Gavin Hattersley said: “Our business is at an inflection point. We can continue down the path we’ve been on for several years now or we can make the significant and difficult changes necessary to get back on the right track.

“Our revitalisation plan is designed to streamline the company, move faster and free up resources to invest in our brands and our capabilities. Through it, we will create a brighter future for Molson Coors.”

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Under the plan, the company aims to invest in brands across its portfolio, especially the biggest brands.

It plans to significantly invest in Above Premium beer segment, expanding the collection by adding innovative products to the existing portfolio, as well as those obtained through acquisitions.

The company will also invest in modernising its brewery footprint including its brewery in Golden, Colorado.

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Hattersley added: “For nearly 150 years we have brewed great beers in Colorado and we will continue to brew great beers in Colorado for hundreds of years to come.

“This investment will modernise the brewery to allow for more flexibility, enable us to move with pace and deliver new products to meet changing consumer preferences.”

Furthermore, the company has decided to change its name to Molson Coors Beverage Company from January next year.