03:41 PM EST - Molson Coors Brewing Co. : reports that a sure sign of growth includes the opening of two new breweries in 2007 in the United States and Canada. The company said Wednesday at its annual meeting that the benefits of the 2005 merger are beginning to show, including building strategic beer brands and cutting costs. "Our brands are strong and growing... We are stronger today because we did it, Eric Molson, chairman of Molson Coors, said of the merger. In its first quarter results, Molson Coors reported earnings of US$4.4 million, or five cents per share, for the three months ended April 1, contrasting with a loss of $30.2 million, or 35 cents per share, a year earlier. The company reported more than $104 million in cost reductions and said it is on track to deliver on $175 million as part of a three-year cost savings program which will increase to $250 by the end of 2008. Two breweries are to open this year-one in Moncton, N.B., and the other in the Shenandoah Valley, Va. The latter will help in getting product quickly to East Coast distributors. Molson Coors Brewing Co.
shares TAP.B:CA are trading unchanged at $98.70.
