Molson Coors Brewing Co said on Tuesday it will launch Coors Light Iced Tea and other new products, as the beer company fights to win a greater share of the struggling beer market.
Molson executives said during a meeting with analysts that the new products should help spur sales so the company can put less reliance on cost-cutting to drive its profit. It also seeks to make beer more attractive to people who have moved on to wine or cocktails.
“Someone else is eating our lunch in the alcohol space,” Molson Coors Chief Executive Peter Swinburn said at the meeting, which was broadcast over the Internet.
Coors Light Iced Tea will go on sale first in Canada, where consumers are interested in flavoured beers and other refreshing drinks, Molson executives said. They did not, however, rule out an expansion into the United States.
Other new products include Carling Zest, a limited-time-only beer with citrus flavours and an autumn-inspired Leinenkugels beer.
Molson shares were down $1.19 US, or 2.7%, at $42.16 on the New York Stock Exchange in late trading. The overall market, as measured by the Standard & Poor’s 500 index, was down 1.6%.
(Reporting By Martinne Geller in New York; Editing by Bernard Orr)