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Beer maker Molson Coors Beverage Co (NYSE:TAP) and Coca-Cola Co (NYSE:KO) struck an agreement this week, and it should give Molson leadership status in the seltzer market, CEO Gavin Hattersley said Wednesday on CNBC's "Closing Bell."
Financial Benefits For Molson: Molson will manufacture, market and distribute Coca-Cola's Topo Chico hard seltzer brand in the U.S.
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While financial details were not disclosed in the announcement, investors should see it as "another proof point" for the company's growth plan, Hattersley said.
Molson already has two of its own hard seltzer brands: Vizzy and Coors Seltzer.
The new brand won't merely cannibalize existing sales, the CEO said.
See Also: Molson Coors Continues Hard Seltzer Push With Coca-Cola Topo Chico Deal
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"The key with our portfolio of brands is they're going to be very differentiated," Hattersley said. "We don't see them competing with each other at all. In fact, we see it as complementary in a really strong portfolio."
125-Year-Old Brand: Topo Chico's brand dates back 125 years and has a strong following in regions like Texas.
Molson plans to take advantage of areas where the brand is already strong, followed by a "very deliberate" expansion, Hattersley said.
The Beer Outlook: Investors should also avoid the mistake of assuming Molson's latest ambitions signals weakness in the beer market, the CEO said.
The core beer category "remains important" to Molson, and growing other brands is of "equal importance," he said.
The recent deals Molson has secured in the beer category include a new long-term brewing partnership with Yuengling to bring the brand to Western states.
TAP Price Action: Molson Coors Class B shares were down 2.44% at $32.74 ahead of the close Thursday.
Courtesy photo.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.