Molson Coors Beverage Company (NYSE:TAP) announced that its Coors Light brand will eliminate plastic rings from all of its packaging and will transition to recyclable cardboard sleeves.
What Happened: Coors Light will debut its new packaging on at the “Plastic-Free Future Mart by Coors Light” a pop-up concept store in the Brooklyn section of New York City from March 2-6.
In 2021, Molson Coors removed the plastic rings from its major brands sold in the U.K. while switching to more sustainable rings in Canada — the latter was described as a step towards the ultimate elimination of all plastic rings.
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Why It Happened: Molson Coors said it will invest $85 million in the transition to fully recyclable and sustainably sourced cardboard-wrap carriers later this year, adding it planned to move its entire North American brand portfolio to cardboard wrap carriers by the end of 2025. In total, which would save 1.7 million pounds of plastic waste annually.
“Our business, and Coors in particular, has a long history of using packaging innovation to protect our environment, and today we are building on that rich legacy,” said Molson Coors CEO Gavin Hattersley. “Just as Coors led the way by pioneering the recyclable aluminum can, Coors Light will lead the way by moving out of single-use plastic rings in North America.”
TAP Price Action: Molson's stock is down 5.5% to $49.39 at press time.
