Molson Coors completes sale of Irwindale brewery

CHICAGO - Molson Coors Beverage Co. Thursday announced it has completed the sale of its Irwindale, California, brewery property to Irwindale Brew Yard, a subsidiary of Pabst Pabst Brewing Co.

In January, Chicago-based Molson Coors announced it would cease production at the 40-year-old facility by September. Pabst had the option to purchase the brewery for $150 million per a previously negotiated settlement agreement.

"We are continuing to conduct our feasibility study to determine whether there is a path to reopen and operate the brewery at a later date and are committed to choosing a path forward that is in the best interest of all our stakeholders," said Adam Sher, Irwindale Brew Yard president.

"The sale of the Irwindale facility allows us to streamline our operations for greater efficiency across our network and further strengthen our liquidity," said Tracey Joubert, Molson Coors chief financial officer. Molson Coors has already transitioned the production from Irwindale to its breweries in Golden, Colorado, and Fort Worth, Texas.